IMF Approves $4.7 Billion for Argentina, Endorses Milei's Reforms

The International Monetary Fund (IMF) has expressed support for Argentina's efforts to implement reforms under President Javier Milei's administration, acknowledging the boldness of the proposed stabilization plan. While the IMF recognizes the high risks associated with the program's success, it commends Argentina's commitment to eliminating fiscal deficits and addressing long-standing impediments to growth. The IMF has extended the duration of Argentina's $44 billion loan program and approved a $4.7 billion disbursement, emphasizing the need for tight economic policies and reserve accumulation targets. Milei faces the challenge of pushing through an omnibus reform bill in Congress, with the IMF slashing its forecast for Argentina's 2024 GDP due to the expected effects of the new government's proposed reforms.