On July 3rd, Finance Minister Nicolás Dujovne defended, before the External Debt Monitoring Bicameral Committee, the agreement signed with the International Monetary Fund (IMF) for 50 billion dollars. He indicated that the loan is a “recognition to the effort that Argentina has made, which will continue with a solid and consistent program, designed to allow Argentina to grow on sustainable bases.” He stressed that it is necessary to increase the productive capacity and that is why attracting new investments is crucial.
Dujovne said that in the Q1 2018, the national economy’s growth was considerable due to the increase of foreign investment, exports and consumption. However, he clarified that this growth was interrupted due to the impact of the drought, a strong decrease in the price of soybean and the rise in international interest rates, among others causes.
To solve this, Argentina decided to seek an agreement with the International Monetary Fund. He stressed that the 50 billion dollars agreed with the IMF will serve to ratify the economic direction of the current administration. Regarding the financing of the IMF, Dujovne stressed that the amount of the loan is unprecedented since never before has the Fund generated su a program for a country.