IMF unlocks $4.7bn for Argentina amid economic crisis, Milei austerity cuts
Al Jazeera
Inflation has crossed 160 percent in Latin America’s third-biggest economy, with 40 percent of population living in poverty.
Argentina and the International Monetary Fund (IMF) have finalised an agreement to release $4.7bn as part of a debt restructuring plan for the troubled South American nation.
Latin America’s third-biggest economy is facing dire economic challenges after decades of debt and financial mismanagement, with inflation surpassing 160 percent year-on-year and 40 percent of Argentinians living in poverty.
“Understandings were reached on a strengthened set of policies to restore macroeconomic stability and bring the current program back on track,” the IMF said in a statement on Wednesday.
With this deal, Argentina’s new President Javier Milei, who took power in December and inherited a deep social, economic and financial crisis, puts back on track a $44bn bailout package with the IMF that dates back to 2018.
“The new administration is already implementing an ambitious stabilization plan, anchored on a large upfront fiscal consolidation, along with actions to rebuild reserves, correct relative price misalignments, strengthen the central bank’s balance sheet, and create a simpler, rules-based, and market-oriented economy,” the IMF said.
Vulnerable nations are seeking $1.3 trillion annually to deal with the damage caused by climate change and to adapt.
The city’s southern suburbs have been hit repeatedly in recent months
New York judge cancels a sentencing hearing previously scheduled for November 26 without setting a new date.
Many Haitian children face the stark choice of joining a gang or suffering from violence, poverty and hunger engulfing them.
Tapped to lead the Justice Department, Bondi is a former Florida attorney general and longtime Trump supporter.
The arrest warrants against Netanyahu and Gallant could lead to countries rethinking arms deals with Israel, experts say
Moscow says the Oreshnik, a nuclear-capable weapon, was used in an attack on Ukraine amid escalating tensions.
Police say a ‘suspected prohibited item’ was discovered in luggage in the facility’s south terminal.
The NGOs want the Netherlands to ban the export and transit of weapons, weapon parts, and dual-use items to Israel.
All the details about the biggest two weeks in chess as a young Indian grandmaster takes on the Chinese world champion.
South Korea’s national security adviser says North plans to use the weapons to defend its airspace over the capital.