Argentina held this Wednesday June 22 a disbursement of US$ 2,684 million to meet a debt maturity with the International Monetary Fund (IMF).
With this payment, the reserves of the Central Bank of the Argentine Republic (BCRA) remained at US$ 38,229 million. The payment was made before the arrival of the second planned disbursement from the multilateral organization, for some US$ 4,000 million.
The original idea was that the amount corresponding to the Standy by loan, contracted in 2018 during the presidency of Mauricio Macri, would be canceled with the second disbursement, of US$ 4,005 million, within the framework of the first review of goals. That agreement with the staff was reached, but the agency’s board of directors will decide whether to approve it this Friday.
Paris Club: the Government agreed to defer debt payments until September 2024
“The payments correspond to the Stand by 2018 and they are on Tuesday the 21st and Wednesday the 22nd for a total of SDR 2,014 Million (US$ 2,684 million),” they specified from the Ministry of Economy.
With the approval of the Fund’s board of directors, SDR 3,000 million (US$ 4,005 million) will enter according to the schedule of the 2022 Extended Facilities Agreement.
— Christian Buteler (@cbuteler) June 22, 2022
The gap between the expiration date and the arrival of fresh funds will be covered with the disbursement of last March 25, when Argentina received US$9.7 billion in SDRs.
Maturities and goals
After the payments in March, April and May to the agency, the economists estimate a remnant of US$ 6,000 million to face the payments, but they warn that It is not normal to cancel them prior to the entry of committed funds.
Due to the acceleration of spending and the loss of reserves due to the record of energy imports, the Government asked to relax the forecasts for reducing the fiscal deficit and the accumulation of foreign currency between April and June, without touching the annual guidelines. Source: NA.
ML / ED
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