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IMF Remains Supportive Of Reforms, Congress Debates Omnibus Bill

ARGENTINA
  • The IMF continues to sound supportive of President Milei’s reform efforts, following news of the latest $4.7bn disbursement of funds yesterday. Managing Director Georgieva said that the watering down of spending cuts in the omnibus bill in an effort to get it approved by Congress was pragmatic. She also said that the IMF and the government weren’t discussing a new IMF loan. After cutting some of the main austerity measures in the bill last week, Economy Minister Caputo has said that there will be deeper spending cuts in the future.
  • The government is targeting a primary fiscal surplus of 2.0% of GDP this year, as compared to a deficit of 2.9% of GDP in 2023, with GDP expected to contact by 2.8%, according to the IMF. The IMF also expects a 0.9% of GDP current account surplus this year and for FX reserves to increase by a net $7.3bn.
  • For now, attention remains on the lower house of Congress, which continues to debate Milei’s omnibus bill. The government expects a vote to approve the bill soon.
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