Argentina asks IMF to advance funds
The Argentine government will ask the International Monetary Fund (IMF) to advance a disbursement of 3 billion U.S. dollars in September, Argentine Finance Minister Nicolas Dujovne said on Monday.
The sum is part of a credit totaling 50 billion U.S. dollars under an agreement reached with the IMF in June.
Dujovne told reporters that Argentina’s economy will decline 1 percent in 2018. He attributed the contraction to the severe drought during the first quarter of the year.
“The direct impact of the drought has been 1.3 points of the gross domestic product, but if you look at the indirect impacts on machinery, transportation, trade, the drought has taken two points off our growth for this year,” he said.
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