IMF says review of Argentina debt program on course

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Argentine one hundred peso bills are displayed in this picture illustration

(Reuters) – The International Monetary Fund Managing Director Kristalina Georgieva said on Monday that a staff-level agreement with Argentina should be concluded in coming days as the organization conducts a second review of its program there.

In a statement, Georgieva welcomed Argentina’s commitment to achieve targets for its debt program and said it “will remain unchanged.”

Georgieva praised the “strong steps” taken by Argentine economy minister Sergio Massa to stabilize markets and “reverse a scenario of high volatility” in the South American country.

The statement follows a meeting between Georgieva and Massa on Monday in the context of a second review of the $44 billion arrangement signed in March this year.

The program seeks to boost national reserves and reduce Argentina’s primary fiscal deficit to 2.5% of GDP in 2022 and 1.9% in 2023.

(Reporting by Adam Jourdan and Eliana Raszewski; Editing by Christian Plumb and Grant McCool)

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