Buenos Aires, Oct 31 (EFECOM).- Argentina canceled debt maturities this Tuesday for some 2.6 billion dollars or 2.46 billion euros with the International Monetary Fund (IMF) within the framework of the extended facilities agreement signed with that organization in March of 2022.
After the payment, Argentina’s net reserves fell this Tuesday to 21,861 million dollars, 2,751 million dollars less than at the close of this Monday, according to data reported by the Argentine Central Bank.
The level of reserves reached this Tuesday is the lowest since 2006, when reserves fell drastically following the decision of then-president Néstor Kirchner (2003-2007) to cancel in a single payment all the debt that the South American country had at that time with the IMF, for about 9,810 million dollars.
In November, the IMF will carry out a new review of the demanding goals established in the 2022 agreement, through which Argentina managed to refinance debts contracted with that organization in 2018 for around $45 billion.
The IMF will disburse approximately $3.3 billion to Argentina so that the country can meet its maturities with the organization itself.
The new review – the seventh of the 2022 agreement – will be carried out after the second round of the presidential elections, scheduled for November 19, in which the Argentine Minister of Economy and official candidate, Sergio Massa, and the economist will face each other. Libertarian Javier Milei, leader of the far-right group La Libertad Avanza.
Massa has recently stated that, if elected president of Argentina, he will seek to discuss a program with the IMF “associated with the growth and development” of the South American country.
In mid-October, Argentina activated the second tranche of the currency swap with China, ensuring the availability of some $6.5 billion to reinforce its meager monetary reserves.
Argentina faces severe macroeconomic imbalances, including, in addition to the lack of reserves, fiscal deficit and very high inflation. EFECOM