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Finance Undersecretary Says Govt Will Need To Recalibrate IMF Deal

ARGENTINA
  • Argentina’s Finance Undersecretary Ramiro Tosi said the government will need to recalibrate its $44 billion agreement with the International Monetary Fund due to the impact of Russia’s invasion of Ukraine. (Bloomberg)
    • “We will have to recalibrate and to see the effect of this global unexpected shock on all the aspects of the program,” Tosi said, referring to the global commodity price shock
  • Tosi said the fiscal targets in IMF program are the most challenging part to meet, while speaking with Goldman Sachs Economist Alberto Ramos in an online event.
  • Tosi said Argentina’s bond prices didn’t improve on news of the government’s IMF program because investors want to see results and implementation.
    • Tosi anticipates “gradual improvement” in bond prices if fiscal targets in IMF program are met.

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