IMF reiterated support for Argentina's economic and monetary policy | Chronic

The International Monetary Fund (IMF) reiterated this Thursday its support for Argentina's monetary policy and economic program because it will allow "a drop in inflation and an efficient functioning of the financial system" from the country.

The spokesman of the agency, Gerry Rice, at his usual press conference, he expressed his support for "Policy Framework and Technical Adjustments of the Central Bank". "We believe that these changes in monetary policy will reduce inflation and improve the functioning of the financial system", he predicted.

Rice noted that the IMF's goal is "support" the "achievement of economic objectives and reduction of vulnerabilities" and says bluntly: "Yes, we support the monetary policy framework".

On recent corrections to estimates of growth in the local economy, he explained that "This has reduced growth forecasts for the first quarter of the year though at a lower rate than in 2018".

So for Rice, this contraction in growth has been "expected" and examined "the numbers down", compared to the latest economic outlook report released in April. As planned for the year 2020, "The recovery is projected a little more modest compared to what was planned in April".

Rice said that these projections are "Aligned" with the "expressed in the report of the fourth review of the IMF ", approved on July 12th.

These economic growth figures were updated and disclosed in the aforementioned report, on the occasion of the fifth disbursement for an amount of $ 5.4 billion of a loan signed in 2018, totaling 57.3 billions of dollars.

The spokesman said that "shortly hold a new meeting with the Board of Directors to define the selection process for the new Chief Executive Officer of the Fund, the recent resignation of Christine Lagarde. "The selection of the Managing Director is a process determined by the IMF's Executive Board, which represents the members of the Fund"he said.