The government of Argentina will work to revise its economic plan with a focus on better insulating the country from recent shifts in the global economy, International Monetary Fund (IMF) Managing Director Christine Lagarde said in a press release.
"In consideration of the more adverse international market conditions, which had not been fully anticipated in the original program with Argentina, the authorities will be working to revise the government’s economic plan with a focus on better insulating Argentina from the recent shifts in global financial markets, including through stronger monetary and fiscal policies and a deepening of efforts to support the most vulnerable in society," Lagarde said on Wednesday.
Moreover, the IMF will reexamine the phasing of the Stand-By Arrangement for Argentina.
"I stressed my support for Argentina’s policy efforts and our readiness to assist the government in developing its revised policy plans," Lagarde said in the release on Wednesday. "I have instructed IMF staff to work with the Argentine authorities to strengthen the Fund-supported arrangement and to reexamine the phasing of the financial program."
In June, IMF granted Argentina immediate access to $15 billion to stabilize its budget and begin implementing a series of economic reforms, as well as access to an additional $35 billion. Argentina has accepted a three-year, IMF-backed plan to trim government borrowing, reduce inflation and guarantee independence of the nation’s central bank.