The IMF’s board of governors voted Thursday to approve a nearly $800 million disbursement to Argentina as the country continues a program of drastic economic reforms under its libertarian President Javier Milei.
Milei, a self-described “anarcho-capitalist,” has vowed to halt Argentina’s economic decline and reduce its budget deficit to zero. 275 percent.
“The Governing Council assessed that the program is firmly on track, with all quantitative performance criteria comfortably met through the end of March 2024,” the International Monetary Fund said in a statement.
The decision by the IMF Board of Governors to approve the eighth review of its lending program with the Latin American nation will allow for the disbursement of just over $793 million, bringing the total disbursements under the existing program to more than $41 million. billion dollars coming.
“The Council emphasized that continuing strong progress requires improving the quality of fiscal adjustment, initiating steps towards improved monetary and exchange rate policies and implementing the structural agenda,” the IMF said.
“Continued efforts to support the vulnerable, broaden political support and ensure agile policymaking will also be necessary,” it added.
“The good news continues,” Milei wrote on X, sharing the IMF statement.
The approval of the payout follows an announcement earlier in the day that Argentina’s inflation rate stood at 4.2 percent in May, the lowest in two and a half years, according to statistics agency INDEC.
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