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ARGENTINA | 05-09-2019 13:55

'We've complied with everything' – Macri confident over next IMF loan tranche

The IMF is currently assessing whether to pay out a further US$5.4 billion to the government, the latest phase of its record US$56-billion loan to Argentina.

Argentina expects the next tranche of its loan from the International Monetary Fund, as it has fulfilled all the lender’s requirements, President Mauricio Macri said on Thursday.

Speaking briefly to reporters in the northern city of Córdoba, Macri said that he was focused on bringing stability to the economy following the financial turmoil triggered by the results of the August 11 PASO primary vote. The president was trounced by opposition Frente de Todos candidate Alberto Fernández, who is now the clear favourite to win the presidency in October.

The IMF is currently assessing whether to pay out a further US$5.4 billion to the government, the latest phase of its record US$56-billion loan to Argentina.

Asked if he was confident IMF officials would front up, Macri responded in the affirmative.

"Yes, we expect the disbursement because we have complied with everything," he said.

In the wake of the shock primary result and subsequent investor panic, Macri announced plans to renegotiate its debts, including with the IMF, as well as other drastic measures to contain the country’s escalating financial crisis. The lender has yet to comment on whether it will hand over its next scheduled disbursement.

On Sunday, the government implemented capital controls in an attempt to stop capital flight, a measure described as “capital flow management” by the IMF. Since then the peso has stabilised after falling over 20 percent in August. Argentines’ initial rush to withdraw cash from their dollar saving accounts has also dissipated.

In his comments to reporters, Macri expressed confidence that he could overturn the results of the primary on October 27.

“The election hasn’t happened yet and we have a lot of energy,” he said. “We can reverse it, that’s what we are doing.”

"We are building future, real opportunities for kids, for adults, for older adults," he added.

– BLOOMBERG/NA/TIMES

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