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The World Bank has confirmed to President Alberto Fernández that it has approved an economic lifeline of some US$300 million.
The message was delivered via a videoconference at the Olivos presidential residence between the Peronist leader and the institution's vice-president, Axel van Trotsenburg.
Van Trotsenburg communicated "the approval of a budget support for Argentina of US$300 million dollars, to strengthen the social protection system and minimize the impact of the crisis on the most vulnerable sectors," Perfil reported.
The objective of the project is to reinforce the ANSES social security agency and guarantee the inclusion of 350,000 children who have not yet been reached by the Universal Allowance for Children (AUH) scheme.
The World Bank executive also confirmed to Fernández that he will assist in the introduction of improvements at ANSES, to ensure the continuity of coverage in situations where the parents of the beneficiaries suffer the loss of a formal job.
Fernández thanked the agency for their speed in allocating the financing, and stressed that "we are ready to work and are satisfied by the similarity of our outlooks about what is happening in the world."
Fernández affirmed that "the financial world has a share of humanity, and I celebrate it," according to an official readout.
The financial aid was approved by the multilateral organisation in record time to help speed up purchasing in the face of the emergency caused by Covid-19 pandemic in Argentina. It is the first part of a series of credits that the World Bank will grant to the country.
The loan is added to two current credit-lines from the agency worth a total of US$1.35 billion intended to expand the coverage of the AUH payment.
AUH's policy has been supported by the World Bank since its inception in 2009. More than four million children are currently receiving the benefit, and about nine million are covered by all family allowances.