IMF clears $4.7B for Argentina after Milei’s ambitious policy overhaul

The International Monetary Fund has approved a $4.7 billion allocation to Argentina to support the new government’s endeavors to rejuvenate the nation’s faltering economy

The International Monetary Fund has given the green light for a $4.7 billion disbursement to Argentina in a bid to bolster the new administration’s efforts to revive the country’s struggling economy.

President Javier Milei’s ambitious cost-cutting measures have garnered praise from IMF chief Kristalina Georgieva, though they have also sparked public protests.  

These actions have successfully averted a balance of payments crisis, but the journey toward economic stabilization is expected to be arduous. 

Simultaneously, Argentina’s lower house of Congress has commenced a lengthy debate on Milei’s far-reaching reform bill, which encompasses a wide array of economic, political and social issues.  

Notably, opposition lawmakers are anticipated to push for further modifications to the bill, particularly regarding the delegation of special powers to the executive during an economic emergency and the extent of privatizations. 

Source: AFP