Argentina government says IMF agreement close, boosting bonds
By Jorge Otaola
BUENOS AIRES (Reuters) — Argentina's government is finalizing the details of an agreement with the International Monetary Fund (IMF) over its embattled $44 billion loan program and is set to announce the accord later today, an official spokesperson said on Wednesday.
«The government will announce the agreement with the IMF today. Officials from the Ministry of Economy are finalizing details with technical staff from the agency,» the spokesperson said in a short statement.
The IMF had no comment.
The Argentine government's comments and rising hope of an agreement pushed up the price of the country's sovereign bonds on Wednesday, which rose on average 3% after having lost ground in recent days. A country risk index eased after hitting a seven-week peak on Tuesday.
Argentina, battling inflation heading towards 200% and net foreign currency reserves in negative territory, needs to get its huge IMF deal back on track after the previous government missed various economic targets linked to the program.
The new government has been locked in talks with IMF officials in Buenos Aires since late last week, aiming to unlock the seventh review of the program and some $3.3 billion of funds, which it needs to make repayments on its debts.
Argentina's markets, which soared after President Javier Milei took office last month, are now giving the libertarian leader a dose of reality, underscoring the challenge the government faces to fix the worst economic crisis in decades.
Read more on investing.com
