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Argentina announces a new agreement with the International Monetary Fund

Argentina announces a new agreement with the International Monetary Fund

The agreement will send about US$3.3 billion to Argentina, which is in crisis and under the dictatorial regime of Javier Miley.

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247 – The Argentine government will announce on Wednesday (10) the agreement with the International Monetary Fund, official sources told Telam.

They also indicated that officials from the Ministry of Economy are finalizing the details with technicians from the multilateral organization.

Earlier, in statements made as part of his regular morning press conference at Casa Rosada, presidential spokesman Manuel Adorni accused the government of former President Alberto Fernández of “systematic failure” to achieve the goals agreed upon with the multilateral credit organization. He reiterated his request for lawmakers to be “very careful” when considering the situation, which he assessed as “much worse than the time we unfortunately remember in 2001.”

When asked about the possibility of renegotiating the agreement with the International Monetary Fund, the spokesman indicated that he would not “study the future,” but noted that “the government has a specific path that goes far beyond what the IMF might ask for, because of the goals.” “Which, unfortunately, the previous government systematically failed to fulfill.”

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He stressed, “We understand that the (government's) plan could go far beyond what the Fund could intend.”

An IMF mission arrived in Argentina last week, led by Luis Cupido and Ashvin Ahuja, and its main focus of analysis was the feasibility of delivering the agreement.

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In August last year, the IMF Executive Board, under Alberto Fernández, approved two revisions to Argentina's $44 billion loan program, paving the way for the immediate disbursement of nearly $7.5 billion.

This is the seventh evaluation of the country's program, and after approval, the agreement will send about US$3.3 billion to Argentina, according to Bloomberg.

In December, after Miley took office, the International Monetary Fund praised Argentina's decision to try to stabilize its economy by devaluing its currency.

However, Argentina's monthly inflation rate is likely to rise to 28% in December, the highest since the early 1990s, driven by the sharp devaluation of the peso by the new ultra-libertarian far-right government.