IMF staff concludes third review of Argentina program

WASHINGTON (AP) — An International Monetary Fund mission and Argentine authorities have reached an agreement on the third review of a $56 billion IMF-supported program.

If the IMF executive board approves the review in the coming weeks, Argentina would have access to $11 billion, bringing the total amount received from the IMF since June 2018 to $39 billion.

An IMF mission led by Roberto Cardarelli visited Argentina last month to conduct the third review.

Cardarelli said in a news release that Argentine authorities “have met their 2018 primary deficit target, demonstrating their resolve to eliminate the vulnerability associated with Argentina’s fiscal imbalance.”

He added: “Achieving a zero primary deficit in 2019 will require further restraint in government spending.”

Argentina has been hit by a sharp depreciation of the peso amid double-digit inflation.