The director of operations of the World Bank, Axel van Trotsenburgconfirmed this Tuesday to the Minister of Economy, Martin Guzmanthat the multilateral organization is advancing in a portfolio of credit approvals for Argentina that will exceed US$ 2,000 million of funds for this year, and expressed its support for the negotiations that the country is carrying out with the International Monetary Fund.
The announcement was made during the meeting held virtually by Guzmán and the Secretary of Strategic Affairs, Gustavo Belizwith the director of operations of the World Bank, who highlighted the growth achieved by Argentina in 2021 and pledged its support for the inclusive development of the countryreported the Ministry of Economy.
The officials also discussed Argentina’s efforts to advance a program with the IMF for which “the Bank expressed its support,” the World Bank and the Ministry assured after the meeting.
The Argentine government is carrying out the final negotiations to reach an agreement on extended facilities for the US$ 45,000 million debt assumed by the Cambiemos administration.
In this context, the Minister of Economy assured that “Argentina values its long-term relationship with the World Bankwhich enables much-needed financing for innovative projects that promote social inclusion and the expansion of public services”.
NEW FINANCIAL SUPPORT FROM THE WORLD BANK
The funds are added to the record loan of USD2,100, granted last year, mainly intended to respond to the crisis caused by COVID 19, the successful vaccination campaign and the expansion of public services. pic.twitter.com/XYEJFugStg
– National Ministry of Economy (@Economia_Ar) February 22, 2022
For his part, Van Trotsenburg highlighted the growth that the country has been experiencing since 2021 and confirmed that “the World Bank supports the country, while it continues to advance on its growth path and recover from the impacts of the Covid-19 crisis” .
In the same vein, he added: “The Bank’s assistance has been key to financing, among others, the purchase of vaccines, which are very necessary to protect lives and contribute to the reactivation of the economy.”.
During the Covid-19 crisis, Argentina received support from the World Bank to finance projects in the areas of response to the pandemic and vaccines, expansion of basic public services for the poor and vulnerable, as well as employment and sustainable productivity.
“The Bank lent a record US$2.1 billion in 2021 and has a pipeline of projects in the pipeline for at least US$2 billion by 2022,” Van Trotsenburg noted.
Looking to the future, the meeting discussed the importance of deepening cooperation between Argentina and the World Bank in priority sectors for development such as health, transportation, social inclusion, water and the environment.
