Argentina says aiming for new IMF loan deal by end April
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Buenos Aires, Argentina — Argentina’s government said Wednesday it was aiming for a new loan agreement with the International Monetary Fund within two months.
The deal, on top of the record $44-billion loan awarded to South America’s second-biggest economy in 2018, “should be completed in the first four months of the year,” presidential spokesman Manuel Adorni told reporters.
He added Congress would be consulted about the “viability” of the deal but did not say at what point in the negotiations lawmakers would be given a say.
READ: Argentina records lowest monthly inflation in 4.5 years
In his state of the nation speech on Saturday, President Javier Milei said the government and IMF were “making progress” on a new agreement and he would soon ask Congress to back it.
The government has not said how much it is seeking in new funds from the IMF.
Several Argentina media outlets have reported it is looking for about $10 billion.
Milei, who has earned scorn and praise in equal measure for implementing drastic austerity measures to drive down perennially high inflation and turn a budget surplus, wants the cash to boost the central bank’s dollar reserves.
