The International Monetary Fund (IMF) said in a statement Friday it had completed its fourth review of Argentina’s economic performance under a conditional credit agreement and that a $ 5.4 billion tranche would be disbursed to the government after it was approved by the IMF’s executive board.
Argentina signed a 57-billion-dollar financing package with the IMF last year that included cuts in public spending that badly hurt families and businesses already struggling with recession and high inflation.
The government says prospects for Latin America’s third-largest economy are improving as President Mauricio Macready prepares to compete for a second term in an election in October. The government says it expects inflation to end at less than 40.3 percent. Inflation over the 12 months to the end of May was 57 percent.
“I commend the Argentine authorities for their continued efforts and the diligent implementation of their economic policy program,” David Lipton, IMF interim Managing Director, said in the statement. “Authorities have achieved all the levels they have targeted on fiscal, monetary and social spending“He said.