Argentina seals $20 billion IMF deal, tears down FX controls

Argentina seals $20b IMF deal

Argentina sealed a $20 billion, 48-month Extended Fund Facility deal with the International Monetary Fund (IMF) on Friday, and in a major policy move ahead of the deal, dismantled key parts of its years-long currency controls and loosened its grip on the peso. The IMF will disburse $12 billion by next Tuesday, while another $2 billion will become available by June. Argentina will eliminate major parts of the so-called "cepo" capital controls tha…

Fresh money for Argentina: Several international organizations give the South American country a strong financial boost - and add to President Milei's radical austerity policy, which promises its people decades of growth.

Buenos Aires., The International Monetary Fund (IMF) yesterday handed over a “financial lifesaver” to ultra-right president Javier Milei with a $20 billion loan to Argentina, whose government eliminated “forever” the control of changes that governed the country since 2019. The rain of funds to support the president’s economic program also includes aid of 12 billion from the World Bank and 10 billion from the Inter-American Development Bank, both…

Argentina Ends Currency Controls as Milei Pushes Economic Overhaul

Argentina’s government, led by President Javier Milei, announced the immediate end of currency controls that have restricted dollar purchases since 2019. Economy Minister Luis Caputo revealed the decision during a press conference at Casa Rosada, marking a pivotal step in Milei’s ultraliberal economic program. The move aims to attract foreign investment and stimulate growth in […]

The controversial President Milei is subjecting Argentina to a harsh austerity policy. However, the IMF and the World Bank have so much confidence in its policy that they are releasing new billions of credits - an important success for Milei.