Would you like to receive notifications on latest updates of the following headlines?

IMF Board Approves Argentina Payout of Almost $800Mn

POSTED ON June 15, 2024 •   Business      BY Abiodun Saheed Omodara
Argentina's president Javier Milei has vowed to get inflation back down l Credit: AFP

The IMF executive board has given the green light for a payment of nearly $800 million to Argentina as the country pursues extensive economic reforms under its libertarian president, Javier Milei.

Identified as an "anarcho-capitalist," Milei is committed to reversing Argentina's economic downturn and eliminating the budget deficit, and has initiated a plan to reduce public expenditure and lower inflation, which is currently at an annual rate of over 275 percent, as reported by AFP.

According to a statement by the International Monetary Fund, the Executive Board has confirmed that the program is making solid progress, meeting all quantitative performance criteria up to the end of March 2024 with margins.

This decision will enable the disbursement of slightly over $793 million, making the total disbursements under the existing program exceed $41 billion.

The IMF emphasized the need for continued efforts to improve the quality of fiscal adjustment, initiate measures for an enhanced monetary and foreign exchange policy framework, and implement the structural agenda in order to sustain the positive progress.

Milei expressed his satisfaction with the news by sharing the IMF statement.

This approval for payout comes after the announcement that Argentine inflation stood at 4.2 percent in May, the lowest in two-and-a-half years, according to the INDEC statistics agency.

0
READ ALSO
IMF urges Nigeria to exercise fiscal caution amid economic reforms
BY Abiodun Saheed Omodara April 24, 2025 0

The International Monetary Fund (IMF) has called on Nigeria to exercise caution in its expenditures...

READ ALSO
FG urges IMF, World Bank to bolster economic reforms in sub-saharan Africa
BY Abiodun Saheed Omodara April 24, 2025 0

Finance Minister Wale Edun has emphasized the need for increased global assistance to reform economi...

READ ALSO
Nigeria's Economic Reforms Boost Sovereign Credit Profile - IMF
BY Abiodun Saheed Omodara April 23, 2025 0

The Assistant Director for Global Markets at the International Monetary Fund (IMF), Jason Wu,  ...

READ ALSO
Trade Wars Take Center Stage at IM ,World Bank Spring Meetings
BY Abiodun Saheed Omodara April 22, 2025 0

Global finance leaders are convening in Washington this week for the semi-annual meetings of the Int...

READ ALSO
Kano secures $10bn investment for renewable energy, minerals in partnership with Morocco
BY Abiodun Saheed Omodara April 21, 2025 0

KANO, Nigeria (NAN) - The government of Kano state has announced that it will secure more than $10 b...

READ ALSO
RMAFC, ALGON collaborate to strengthen LG financial autonomy
BY Abiodun Saheed Omodara April 18, 2025 0

The Chairman of the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), Dr. Mohammed Bell...

READ ALSO
LCCI, NIXIN call for government support to revitalize Nigeria's paper manufacturing industry
BY Abiodun Saheed Omodara April 18, 2025 0

The Lagos Chamber of Commerce and Industry (LCCI), in collaboration with NIXIN Paper Mill Nigeria Li...

READ ALSO
Cross River to rejuvenate rubber estates after out-of-court settlement with Enghaut industries
BY Abiodun Saheed Omodara April 18, 2025 0

CROSS RIVERS, Nigeria - The Cross River State Government, along with Enghaut Industries, has reached...

OUR CHANNELS:

FG commends Ghana for rescuing 219 trafficked Nigerians from cybercrime
BY Abiodun Saheed Omodara April 27, 2025 0

ABUJA, Nigeria - The federal government has praised the Ghanaian authorities for rescuing at least 2...


Tinubu meets security chiefs, Calls for swift action against ongoing violence
BY Abiodun Saheed Omodara April 27, 2025 0

ABUJA, Nigeria - President Bola Ahmed Tinubu has called for an immediate end to the ongoing violence...


FG releases ₦50Bn for university staff unions, A commitment to educational reform
BY Abiodun Saheed Omodara April 27, 2025 0

The Minister of Education, Dr. Maruf Olatunji Alausa, announced on Wednesday that the federal govern...


Fani-Kayode criticises Mutfwang's leadership amid security crisis
BY Abiodun Saheed Omodara April 27, 2025 0

PLATEAU, Nigeria - Plateau State Governor, Caleb Mutfwang, and former Aviation Minister, Femi Fani-K...


Father demands justice as Nigerian correctional service dismisses kidnapping allegations
BY Abiodun Saheed Omodara April 27, 2025 0

PORT HARCOURT, Nigeria - Ogunsinasi Oluwaseyi, the father of 12-year-old Oluwaseyi Favour, who was r...


Ogun shuts  four companies for environmental violations
BY Abiodun Saheed Omodara April 27, 2025 0

OGUN, Nigeria (NAN) - The Ogun state government, via its Environmental Protection Agency (OGEPA), ha...


IMF urges Nigeria to exercise fiscal caution amid economic reforms
BY Abiodun Saheed Omodara April 27, 2025 0

The International Monetary Fund (IMF) has called on Nigeria to exercise caution in its expenditures...


FG urges IMF, World Bank to bolster economic reforms in sub-saharan Africa
BY Abiodun Saheed Omodara April 24, 2025 0

Finance Minister Wale Edun has emphasized the need for increased global assistance to reform economi...


LASG short 66,000 healthcare practitioners, threat to quality services delivery
BY Abiodun Saheed Omodara April 27, 2025 0

LAGOS, Nigeria - The Lagos State Government is grappling with a significant shortage of medical prac...


Pope Francis to be buried April 26
BY Abiodun Saheed Omodara April 27, 2025 0

Pope Francis’s funeral will be held on Saturday, the Vatican announced Tuesday, as world leade...


More Articles

Load more...

Menu