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Argentina and the IMF are close to an agreement over a seventh review of its $44bn bailout programme, as per sources. The IMF delegation is scheduled to arrive in Argentina on January 4. The review was originally scheduled in November but got delayed due to presidential elections in December. If the agreement over the review is successful, it could unlock $3.3bn of funds for the Latin American country. Argentina has already initiated a formal request for a waiver for the programme after it failed to meet the goals agreed to during the previous review in August. Argentina has taken several measures like devaluing its currency, reducing energy and social subsidies to tackle deep fiscal deficit and triple-digit inflation, under the new President administration. Argentina has to pay $2.8bn on IMF maturities in January and February.
Argentina’s dollar bonds continue to trade at distressed levels of 35-40 cents on the dollar.
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