The Government finalized this Wednesday a payment to the International Monetary Fund of US$890 million, corresponding to the first part of the maturities of September, which will be completed this Thursday with a second disbursement of around US$1,700 million, with which both amounts will add a total of US$ 2,590 million.
The payment was evidenced in the reserves of the Central Bank (BCRA) this Wednesday, which closed at US$ 37,593 million, some US$ 738 million below the number of this Tuesday.
The final number was partially offset by the purchase of US$ 243 million in the foreign exchange market on Wednesday. Based on the planned schedule, this Thursday the payment will be completed with the shipment of some US$ 1,700 million.
Although the reserve accumulation goal was not met -just under US$300 million were missing-, the Fund would take into consideration the delay of other international organizations in sending programmed funds that had been included in the goal agreed upon with the Background
The payments will be compensated later through a disbursement of US$3,885 million to be sent by the IMF, after the body’s Board of Directors -in the coming weeks- approves the second review of the agreement, which has the approval of the technical staff.
On Monday, the head of the Fund, Kristalina Georgieva described as “excellent” the meeting she held in New York City with President Alberto Fernández and highlighted the “considerable progress” to reach “an agreement at the technical level” in the second review of the agreement between the parties.
“I expressed my appreciation for the very serious way in which Minister (Sergio) Massa, his team, and the Central Bank are addressing the significant challenges of Argentina,” he said at a press conference that was given after the meeting.
All disbursements should be able to be covered with the almost US$3.9 billion that the IMF will transfer once the review of the agreement is formally approved
From now until December – when the third revision of the agreement will take place – a series of payments for US$ 2.7 billion are scheduled, the closest being on October 6, when some US$ 1.25 billion will have to be paid.
All disbursements should be able to be covered by the almost US$3.9 billion that the IMF will transfer once the revision of the agreement is formally approved.
Although the reserve accumulation goal was not met -just under US$300 million were missing-, the Fund would take into consideration the delay of other international organizations in sending programmed funds that had been included in the goal agreed upon with the Background.
Specifically, income of just over US$ 1,000 million was expected, of which only US$ 127 million were received, according to the BCRA.
