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Reports Suggest IMF Deal To Combine Reviews On $44B Loan

ARGENTINA
  • IMF Deal To Combine Reviews On $44B Loan - Reuters News
  • Argentina's preliminary deal with the International Monetary Fund is set to combine reviews of its $44 billion loan programme, according to four sources, potentially paving the way for streamlining payments to the cash-strapped country.
    • Government officials have been trying to reach a so-called Staff Level Agreement with the IMF that would cover the country's progress in relation to the fund's fifth and sixth reviews of a 2022 loan, the sources added, asking not to be named because the talks are private. Each review covers three months.
    • Combining the two reviews would give Argentina access to 5.5 billion of IMF's special-drawing rights (SDRs), equivalent to about $7.3 billion. But it is not clear if merging the reviews would automatically lead to a combined payment, what the IMF calls a rephasing of disbursements.
    • An IMF spokesperson said: "Discussions between the teams continue to be very constructive" and "are aimed at reaching staff level agreement."
    • The Fund has merged reviews before with other programmes. Earlier this year, the Fund combined reviews for Uganda and Nepal, and also a year ago with Pakistan.
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