The IMF has reached a staff level agreement with Argentina regarding an updated macroeconomic framework. The agreement would allow the troubled nation to access $4.03bn in funds from the multilateral lender. The IMF said that targets relating to “the primary fiscal deficit, monetary financing, and net international reserves” were met, adding that all quantitative targets in the first quarter and annual objectives were unchanged. The agreement is now in its final stages and is subject to approval by the IMF Executive Board, which is expected in the following weeks.
Argentina’s dollar bonds were trading weaker with its 2.5% 2041s down 0.7 points to 31.94 cents on the dollar.
For the full story, click here