The International Monetary Fund announced on Friday that it had reached an agreement with Argentina that will open the door for the country in financial crisis to obtain $ 7.5 billion during the next few months within an already existing program.
The agreement, which has been negotiated for weeks, still needs to be approved by the fund's executive board, which will meet in the second half of August, according to the IFC's press release.
The agreement formally brings together the fifth and sixth reviews of a $44 billion 30-month loan program agreed to in 2022.
The date set for the sixth revision of the agreement, which Argentina is using in part to repay the fund's existing debt, was in September.
With terms announced on Friday, the IMF is seeking to support Argentina's near-term policy and balance-of-payments needs, which include commitments to the fund.
With the combination of the fifth and sixth program reviews, Argentina will not have to undergo another review before the presidential elections in October.
The next review will be in November.
The International Monetary Fund stated that it had agreed to ease some of the requirements in its program partly due to the economic situation of Argentina, which had become very difficult as a result of the impact that exceeded expectations of the drought, which in turn affected exports and financial revenues, referring to the drought that destroyed Argentine crops.
At the same time, the IMF added, there were shortcomings and delays on the part of Argentina.
