December 15, 2023 – 16:23
The operation will serve as bridge financing so that Argentina can continue with the implementation of the Extended Facilities Agreement agreed with the IMF for the benefit of its fiscal, monetary and exchange policies, CAF highlighted.
The board of directors of the Development Bank of Latin America and the Caribbean (CAF) unanimously approved this Friday the granting of a short-term bridge loan for 960 million dollars for Argentina, with the objective of the country covering the payment of service debt with the International Monetary Fund (IMF).
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“The operation will serve as bridge financing so that Argentina can continue with the implementation of the Extended Facilities Agreement agreed with the IMF for the benefit of its fiscal, monetary and exchange policies, as well as in favor of the diversification and execution of the public debt strategy. “highlighted a statement from the CAF.
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In the extraordinary virtual meeting of the Board of Directors, the operation was analyzed and the possibility that Latin America and the Caribbean, through CAF, could react in an agile and effective manner, with a sense of urgency and a spirit of solidarity and trust, was reflected on. the need for a shareholder country.
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FIRST GREAT ACHIEVEMENT
Organizing the accounts and making the corresponding adjustment allowed the Argentine Republic to access CAF financing and avoid default with the IMF.
— Office of President Javier Milei (@OPEArg) December 15, 2023
“This operation, carried out in consultation and coordination with the IMF and other multilateral banks, highlights the countercyclical role of CAF, by making available in an agile and dynamic manner financial solutions that allow countries to face situations of economic complexity and support strategic management of public finances”highlighted the entity.
On the other hand, the CAF meeting also approved the Program of Activities and Budget and the 2024 Debt Plan, which will allow the bank to continue promoting projects and initiatives to make Latin America and the Caribbean a greener, more productive and inclusive region. .
CAF currently has 21 shareholder countries and, since its founding in 1968, has provided sources of financing for the development of Latin American countries.
2023-12-16 03:15:40
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