Argentina provides $ 42 billion in the IMF, as the others raised foreign exchange controls | Business and economic news

Three major financial institutions invest in Argentina’s economic recovery, because this is trying to be delayed.

The average funding of the Argentina from the International Monetary Fund (IMF) and the other two financial institutions closed $ 42 billion and other financial institutions, because it has left most of its intensive currency control.

The IMF Executive Administration confirmed a $ 20 billion collateral package of about $ 2 billion after a four-year-old in the last four years, about $ 12 billion in the next four years and in June.

The World Bank has also announced a $ 12 billion support package for Argentina, and the American Development Bank (IDB) will provide up to $ 10 billion to finance this for public and private sectors. Both are three years of plans.

President Javier Milei On Friday, he declared that he will start on Monday – the most major capital and foreign exchange controls are part of the contracts that provide large financing deals.

“Today we tested the period of disappointment and shortcomings and start moving forward for the first time.” “We have released the exchange rate control in the Argentine economy.”

Capital departments known as El Cepo or “Clamp” in Argentina, in 2019, was used by a previous management in 2019 to prevent the country’s financial collapse and capital flight.

Controls were stuck in the ability of individuals to buy US dollars and get the US dollar by going to a black market. In addition, Milei was discouraged by foreign investment, which is in need, limited access to the dollar.

The Central Bank of the Argentine is now aiming to allow the peso to trade within a currency group instead of a solid glance of the Beleagueren currency.

According to the Central Bank, according to the Central Bank, it varies between 1000 and 1,400 pesos for each month and will increase by 1 percent each month.

While announcing The latest support packageThe IMF, the program “is expected to be catalytic funds after multilateral sources,” and “trying to return to international capital markets in time.”

“The program supports macroeconomic stability, strengthening external sustainability and putting the foundation for stronger and more robust growth,” the main columns include a solid money and FX mode, “strong financial board”.

The organization has praised a new budget target to a new budget target of a zero deficit that delivers the first financial surplus in almost two decades.

However, to achieve a surplus, Milei fired tens of thousands of government workers Heavy-hitting overhaul, including by increasing poverty levels.