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Massa Hints At Significant IMF Package To Be Announced This Week

ARGENTINA
  • Market participants will be eagerly awaiting details of the government and the IMF’s staff-level agreement on the nation’s $44 billion financing program. On Sunday, it was announced that a deal is expected to be reached sometime this week.
    • “The agreement seeks to enhance fiscal sustainability and rebuild reserves, while recognizing the strong impact of the drought, the damage to exports and the country’s fiscal income,” the IMF said in a statement.
  • Economy Minister Sergio Massa said Sunday night that the IMF would disburse funds to the government in August and November.
    • “There’s a very big package of disbursements in August and an additional one in November. It’s a very significant number for Argentina,” Massa said on the C5N TV network, adding that he wants the IMF to announce the exact figures. (BBG)
  • Separately, Argentina are expected to publish a temporary exchange rate of 340 pesos per dollar for some agricultural exports, according to two senior government officials who asked not to be named discussing measures not yet public. The government expects to receive an additional $2 billion from weaker exchange rate for commodity exports, which will be in effect until Aug. 31.
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