The head of the World Bank has promised “significant” financial support to Argentina in the short term after a meeting with President Javier Milei in Buenos Aires.
Indian-US businessman Ajay Banga was welcomed by Argentina’s head of state at the Casa Rosada on Wednesday. According to a statement from the government, he assured Milei that the World Bank is “working closely” to “support his ambitious reform agenda.”
“As a short-term demonstration of that commitment, we are preparing a significant support package that brings together the full strength of the World Bank Group to support reforms, attract private investment and lay the foundation for job creation,” he said in comments reported by Buenos Aires.
The visit comes as Argentina negotiates US$20 billion in fresh funding from the International Monetary Fund, on top of its existing US$44-billion debt.
Last week, Economy Minister Luis Caputo said Argentina – in addition to the IMF funds – would seek additional financing from the World Bank, the Inter-American Development Bank (IDB/BID) and the CAF regional development bank.
“Argentina is undertaking a bold set of economic reforms to stabilise its economy and unlock private sector–led growth. Ajay met with [President Javier] Milei today to reaffirm support for this transformation,” said the World Bank in a post on social media.
The meeting in Buenos Aires was also attended by Caputo, Finance Secretary Pablo Quirno and Presidential Chief-of-Staff Karina Milei.
Banga said the institution he leads is “moving forward in close coordination with the Argentine economic team, the International Monetary Fund (IMF) and the Inter-American Development Bank (IDB) to ensure that the support is aligned, effective and sends a strong signal of international confidence in Argentina's future.”
According to the government, Milei and Banga discussed Argentina's reform plan and how the World Bank can support private-sector growth and job creation.
Milei then detailed the measures implemented since he took office in December 2023, which have helped him lower inflation.
According to a government readout, Banga highlighted the progress made by Milei and congratulated Milei for the “bold transformation” he is leading in Argentina.
– TIMES/NA
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