Buenos Aires Times

economy STAND-BY AGREEMENT

IMF mission team travels to Argentina to review economic plan

"An IMF team led by Roberto Cardarelli will arrive in Buenos Aires on May 8 in the context of the fourth review of Argentina's economic plan that supports the 36-month Stand-By Agreement," said an IMF spokeswoman. 

Wednesday 8 May, 2019
IMF Managing Director Christine Lagarde moderates a discussion on
IMF Managing Director Christine Lagarde moderates a discussion on "Reforming the Euro Area: Views from Inside and Outside of Europe," during the 2018 Spring Meetings of the International Monetary Fund and World Bank Group at IMF Headquarters in Washington, DC, April 19, 2018. Foto:AFP-SAUL LOEB

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The International Monetary Fund announced last night that it will send a mission team to Buenos Aires today for a fourth visit to review the implementation of the economic programme agreed with the government.

The review pertains to the IMF's US$56-billion loan package agreed with Argentine officials last year.

"An IMF team led by Roberto Cardarelli will arrive in Buenos Aires on May 8 in the context of the fourth review of Argentina's economic plan that supports the 36-month Stand-By Agreement," said an IMF spokeswoman. 

President Mauricio Macri's administration went to the IMF last year amid a currency crisis that weighed heavily on the peso, as emerging markets were gripped by instability. 

The monumental credit package was a record for the IMF. It agreed with the Macri administration to implement an austerity programme in a bid to sure up the economy.

"During the mission, the IMF team will meet with government officials and the Central Bank, as well as representatives of the private sector, academia and civil society," the IMF said.

IMF officials have met with a number of officials, including opposition lawmakers and potential presidential candidates, on previous visits to Argentina.

With less than six months to go before October's presidential elections, the economy is still in a rut. The IMF forecasts that the recession will persist into late this year, with GDP set to contract by 1.2 percent.

- TIMES/AFP

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