The International Monetary Fund approved plans to increase Argentina’s bailout package to $56.3 billion, permitting the South American country to draw down a larger amount of funding support than previously agreed.
“The authorities have requested the use of this IMF financing as budget support,” the Washington-based lender said on Friday.
Argentina is grappling with high foreign debts and has seen its national currency the peso lose more than 50 per cent of its value this year. The country’s central bank governor Luis Caputo resigned in September while bailout talks were ongoing with the IMF, and the country had seen nationwide protests at government austerity and high inflation, which is expected to top 40 per cent this year.
The central bank has since implemented a currency band, allowing the peso to float between about 34 to 44 pesos to the US dollar. The bank is also implementing daily banknote sales to remove excess cash in the system and bring down inflation. The peso is now up more than 12 per cent in October.
The IMF said on Friday it concluded its first review of Argentina’s economic performance under the 36-month bailout plan that was approved on June 20.
Following the review, the Argentinian authorities will receive about $35.8bn for the remainder of this year and 2019 – a $19bn increase from the original arrangement. It already received $15bn in June. The remainder will come in 2020 and 2021.
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Read more:
IMF swells Argentina bailout plan to $57bn
Argentina's $50bn loan talks with IMF on right track
IMF and Argentina to meet on Tuesday in hope of averting economic collapse
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The new bailout plan is intended to contain the supply of money and keep short-term interest rates at their currently high levels, aiming to rapidly bring down inflation, the IMF said in September.
“A central element of the authorities’ plan will be to reach budgetary balance by 2019, one year earlier than previously intended, and to move to a 1 per cent primary surplus in 2020,” IMF managing director Christine Lagarde said last month.
“These decisive steps will reduce the government’s financing needs and bring down public debt.”
Argentina is awaiting congressional approval of its 2019 budget which is expected to further reduce the country’s fiscal plight.
HAJJAN
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Company%20Profile
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COMPANY%20PROFILE%20
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The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
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AL%20BOOM
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Mohammed bin Zayed Majlis
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
COMPANY%20PROFILE
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Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
pakistan Test squad
Azhar Ali (capt), Shan Masood, Abid Ali, Imam-ul-Haq, Asad Shafiq, Babar Azam, Fawad Alam, Haris Sohail, Imran Khan, Kashif Bhatti, Mohammad Rizwan (wk), Naseem Shah, Shaheen Shah Afridi, Mohammad Abbas, Yasir Shah, Usman Shinwari
COMPANY PROFILE
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
Joker: Folie a Deux
Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson
Director: Todd Phillips
Rating: 2/5
Getting%20there%20
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RESULT
Norway 1 Spain 1
Norway: King (90 4')
Spain: Niguez (47')
The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
Company%20profile
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You Were Never Really Here
Director: Lynne Ramsay
Starring: Joaquim Phoenix, Ekaterina Samsonov
Four stars
What is graphene?
Graphene is extracted from graphite and is made up of pure carbon.
It is 200 times more resistant than steel and five times lighter than aluminum.
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It is thought that graphene could boost the useful life of batteries by 10 per cent.
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LIST OF INVITEES
Shergo Kurdi (am)
Rayhan Thomas
Saud Al Sharee (am)
Min Woo Lee
Todd Clements
Matthew Jordan
AbdulRahman Al Mansour (am)
Matteo Manassero
Alfie Plant
Othman Al Mulla
Shaun Norris
SPECS%3A%20Polestar%203
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COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Company%20Profile
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Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
The specs
Engine: 2.0-litre four-cylinder turbo
Power: 178hp at 5,500rpm
Torque: 280Nm at 1,350-4,200rpm
Transmission: seven-speed dual-clutch auto
Price: from Dh209,000
On sale: now
Recent winners
2002 Giselle Khoury (Colombia)
2004 Nathalie Nasralla (France)
2005 Catherine Abboud (Oceania)
2007 Grace Bijjani (Mexico)
2008 Carina El-Keddissi (Brazil)
2009 Sara Mansour (Brazil)
2010 Daniella Rahme (Australia)
2011 Maria Farah (Canada)
2012 Cynthia Moukarzel (Kuwait)
2013 Layla Yarak (Australia)
2014 Lia Saad (UAE)
2015 Cynthia Farah (Australia)
2016 Yosmely Massaad (Venezuela)
2017 Dima Safi (Ivory Coast)
2018 Rachel Younan (Australia)
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
New schools in Dubai
