Statement by IMF Spokesperson on Argentina

Washington, DC – March 19, 2022: Mr. Gerry Rice, Director of Communications at the International Monetary Fund (IMF), issued the following statement today on Argentina:

“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.

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

“I can also confirm that the authorities have informed the IMF that they will combine Argentina’s March repayment obligations due on March 21 and March 22 into a single repurchase before March 31, 2022, for a total amount equivalent to about SDR 2.014 billion. The government’s decision, which does not require approval by the IMF’s Executive Board, is consistent with IMF rules[1]and with Argentina remaining current on its payments to the Fund and, therefore, not incurring arrears.”

[1]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.

Public Release. More on this here.