Accelerated disbursement for Argentina

• Pages: 263

Page 263

In a news brief dated August 3, IMF Managing Director Horst Köhler announced that IMF management intends to recommend to the Executive Board an accelerated disbursement to Argentina under its Stand-By Arrangement as soon as the current review of the program is complete.

Announcing management's intention, Köhler said: "An IMF mission currently in Buenos Aires expects to conclude negotiations with the Argentine authorities on this review shortly. Upon conclusion of these talks, management intends to recommend to the Executive Board a disbursement, accelerated into August, of approximately $1.2 billion to Argentina. This would bring Argentina's total borrowings so far under the Stand-By Arrangement to approximately $7.3 billion, out of a total of approximately $13.4 billion, or close to 500 percent of quota, available...