LIVE UPDATES
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.
