The International Monetary Fund says the agreement with Argentina has been “derailed”.

Hey International Monetary Fund The (International Monetary Fund) said that the agreement with Argentina “derailedsince it was renegotiated Occurredin 2022. The statement appears in a report (fullin English – 2MB) It was released on Friday (August 25, 2023), after the completion of the 5th and 6th revision.

According to the fund, the agreed goals were not achieved due to the historic drought in Argentina and “skiing” in politics. “The economic situation has become increasingly difficult since the conclusion of the Fourth Reviewannounced the International Monetary Fund.

The IMF Board of Directors took into consideration the situation in Argentina and approved on Wednesday (August 23) the Instant exchange With a value of 7.5 billion US dollars. The next review of the agreement is scheduled for November 2023.

“Against the background of high inflation rates and pressures on the balance of payments, the authorities are implementing a new policy package to protect stability and support sustainability in the medium term, with a focus on rebuilding reserves and improving the financial system.The organization said.Achieving the agreed target for the primary budget deficit of 1.9% of GDP [Produto Interno Bruto] This year remains essential to support economic and financial stabilityreads the report.

According to the International Monetary Fund, Argentina is focusing its efforts on controlling expenditures.Through initial measures to modernize energy tariffs and contain public wages and pensionsThe fund also said that the stock is being completed.Through temporary increases in foreign exchange taxes on selected goods and services“.

The International Monetary Fund expects Argentina’s GDP to contract by 2.5% in 2023 and inflation to reach 120% year-on-year by the end of the year.