BUENOS AIRES, April 12 — Argentina’s government said yesterday it had reached an agreement with the International Monetary Fund for a loan of US$20 billion and the easing of...
The landmark deal will give cash-strapped Argentina more financial firepower to defend its wobbling currency and is a political boon for libertarian President Javier Milei. — Reuters picBUENOS AIRES, April 12 — Argentina ’s government said yesterday it had reached an agreement with the International Monetary Fund for a loan of US$20 billion and the easing of foreign exchange controls.
It would also, starting Monday, “allow us to end the exchange controls that have done so much harm” to Argentines, and “affected the normal functioning of the economy,” said the minister.In place of exchange controls in place since 2019, the peso will be allowed to float within a band of between 1,000 and 1,400 pesos to the dollar, the Central Bank added in a statement.
Under the deal, the differential exchange rate for exporters will be eliminated, while “the distribution of profits to foreign shareholders is allowed starting from the financial years beginning in 2025, and the deadlines for the payment of foreign trade operations are relaxed,” it added.
The IMF has expressed approval of Milei’s attempts to curb inflation, which came in higher at 3.7 per cent for the month of March compared to 2.4 per cent in February.
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