Press Release No. 19/268

IMF Acting Managing Director Statement on Argentina

July 5, 2019

Mr. David Lipton, the International Monetary Fund’s Acting Managing Director issued the following statement today on Argentina:

“I am pleased to announce that IMF staff and the Argentine authorities reached an agreement on the fourth review of the economic program supported by the Stand-By Arrangement. Subject to the approval of the Executive Board, Argentina would have access to about US$ 5.4 billion (SDR 3.9 billion).

“I commend the Argentine authorities on their continued efforts and steadfast implementation of their economic policy program. The authorities completed all their fiscal, monetary and the social expenditure targets under the IMF-backed program in the context of this review.

“Argentina’s economic policies are yielding results. Financial markets stabilized in May and June. Inflation – while still at high levels – is expected to continue to fall in the coming months. The fiscal and external positions continue to improve. There are also signs that the economy is improving in the second quarter.

“I fully support Argentina’s efforts to bolster confidence, lay the foundation for sustainable growth and protect the most vulnerable. Steadfast implementation of the commitments and policies underlying the authorities’ IMF-backed program will be critical for continued progress. I look forward to discussing this review with the IMF’s Executive Board on July 12.”

An International Monetary Fund (IMF) mission led by Mr. Roberto Cardarelli visited Argentina during May 11–22, 2019 to conduct discussions on the fourth review of Argentina’s IMF-supported program under the Stand-By Arrangement (SBA). Talks continued in Washington DC after the end of the mission. During its visit to Buenos Aires, the mission met with the Minister of the Economy Nicolas Dujovne, the Governor of the Central Bank Guido Sandleris, as well as other government officials and members of the private sector and trade union representatives.