Statement by the IMF Spokesperson on Argentina

IMF News, March 19, 2022

Source details

Press Release No. 22/81; March 19, 2022.
The Argentine National Congress approved the agreement reached with IMF staff to be supported by an Extended Fund Facility (EFF) Arrangement.
Quote from Mr. Gerry Rice, Director of Communications: “We welcome the Argentine National Congress’s recent approval of the agreement reached with IMF staff to be supported by an Extended Fund Facility (EFF) Arrangement. The IMF places great value on broad societal support for program success and the legislative approval is an important signal that Argentina is committed to policies that will encourage more sustainable and inclusive growth. It is also testament to the dedication and hard work of the Argentine authorities that has helped to achieve this significant step forward.”

The IMF Executive Board will meet to discuss Argentina’s request for an IMF-supported program on Friday, March 25.
Meeting timing intended “to allow time to take account of the fast-changing global environment—including the war in Ukraine.”

Authorities informed the IMF they will combine Argentina’s March repayment obligations due on March 21 and March 22 into a single repurchase before March 31, 2022.
Total amount of the combined repurchase: about SDR 2.014 billion.
The government’s decision does not require approval by the IMF’s Executive Board and is stated to be consistent with IMF rules.
Explanatory note in the statement: “Under a Board Decision adopted in the late 1970s, members have the right to bundle together multiple repurchases (principal payments) falling due in a calendar month. The Decision was intended to address the administrative difficulty of making multiple repurchases in a short period.”
Statement position: combining the repurchases is “consistent with IMF rules and with Argentina remaining current on its payments to the Fund and, therefore, not incurring arrears.”

Statement by the IMF Spokesperson on Argentina, March 19, 2022.