Argentina has reached an agreement with the International Monetary Fund (IMF) for a $20 billion loan. This agreement also confirms the end of the exchange controls in effect since 2019.
Argentina has reached an agreement with the International Monetary Fund (IMF) for a $20 billion loan that will allow the end of the exchange controls in effect since 2019 in the country, Economy Minister Luis Caputo announced Friday.
“We have reached a new agreement with the International Monetary Fund,” which will allow “the recapitalization of the Central Bank for a healthier currency,” the minister told the press. The Argentine peso will be allowed to float within a band of between 1,000 and 1,400 pesos per dollar, and the $200 monthly access limit will be lifted for Argentines, the Central Bank announced simultaneously in a statement.
In addition, the Inter-American Development Bank (IDB) announced Friday that it would provide up to $10 billion in aid to the Argentine government, “complementing recent agreements with the International Monetary Fund and the World Bank.”
This financing, which still needs to be approved by the Bank’s Board of Directors, is to be extended over three years and reflects its “commitment to supporting Argentina’s recovery, working with the government, the private sector, and other key partners.”
