IMF board approves new $32bn Argentina bailout
President Javier Milei says his troubled nation will now grow ‘like never before’.
The International Monetary Fund has approved a new four-year $US20 billion ($32bn) bailout for Argentina to support President Javier Milei’s aggressive efforts to revive the fortunes of the Latin American country.
“The program is expected to help catalyse additional official multilateral and bilateral support, and a timely re-access to international capital markets,” the IMF said in a statement.
The Inter-American Development Bank also announced Friday it would support Argentina with “up to $US10 billion” in public and private financing over the next three years.
The move, which is still subject to approval by the IDB’s board of executive directors, comes alongside an additional $US12 billion commitment from the World Bank, announced separately on Friday.
The Argentine economy will grow “like never before,” President Javier Milei said following the announcements of billions of dollars in aid from the major international financial institutions.
“Under these conditions, Argentina will be the country with the strongest economic growth in the next 30 years,” Milei said in a speech on national television.
The IMF executive board’s decision makes an initial disbursement of $US12 billion immediately available to Argentina, with the first review of the program scheduled for June this year.
“Today our Board approved a new program for Argentina in recognition of the impressive progress in stabilising the economy,” IMF Managing Director Kristalina Georgieva wrote in a social media post on X shortly after the board’s decision was published.
“It is a vote of confidence in the government’s determination to advance reforms, foster growth & deliver higher standards of living for the Argentine people,” she added.
The new agreement marks a big win for Milei, Argentina’s populist self-described “anarcho-capitalist” president, who has built close ties to senior officials in Donald Trump’s orbit, including the billionaire Elon Musk.
It is the 23rd time the IMF has bailed out Argentina since it became a member of the Washington-based institution in 1956.
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