The World Bank is also wary | I still have not co …

The concerns raised by the Argentine crisis in Washington are contagious. To the doubts of the International Monetary Fund have been added the questions of the World Bank. The council of the multilateral agency held Tuesday an exceptional meeting to badyze the deep economic and social deterioration of the country and the measures announced by the government of Mauricio Macri. The $ 500 million loan that the banking authorities have yet to confirm was not badessed at the informal meeting of the directors. The emerging crack within the IMF's board of directors, where representatives of some European countries such as Italy, the Netherlands and Sweden are opposing a new disbursement, does not exist. has not yet reached the same dimensions at the World Bank.

"The revision of the agreement by the IMF technical teams will be done. In the coming days, we will announce if we leave or they will come. We comply, "they told the newspaper of the Palacio de Hacienda. Some $ 5,400 million, corresponding to the sixth tranche of the credit agreed with the agency, should be available from mid-September. The dynamics of recent disbursements show that these operations generally take place at least two weeks after the due date because of the bureaucratic process. In addition to the evaluation of the mission, the arrival of funds is subject to the approval of the IMF Executive Board in the following cases: Page I12There is a group of European countries seeking to distance themselves from the resounding failure of the Argentine program and intend to wait for presidential exchange before devoting more resources.

In the portfolio led by Hernán Lacunza, they repeat that Argentina has achieved the fiscal adjustment and drowning objectives necessary to allow the next tranche of credit, without ignoring the growing resistance within the IMF . Officials say the disbursement will take place, but they also open the umbrella: "The arrival of the disbursement is not an immediate necessity. It is envisaged in the annual financial program, "said the Treasury by referring to the terms of the sixth tranche of the agreement that would complete the disbursement of 88% of the $ 56 billion committed by the Fund.

The Argentine government adheres to the support provided by the US Treasury Department to access the most important program in the history of the IMF in the face of the current rejection by the Europeans. North American support will be essential to ensure the arrival of resources, but before reaching board discussion, staff must draw on the narrative creativity of its members if it is to show that Argentina is meeting the criteria necessary to access an "agreement". Exceptional access pending. "

Economic meltdown, social deterioration, the exchange rate jump, capital flight, the reduction of reserves, short-term securities default, recent currency controls and exacerbated social deterioration since 11 August. here are some of the elements that will prevent IMF technicians from ensuring, for example, that Argentina's debt is "viable but not very likely" and that it has the ability to regain access to the market.

The World Bank offices are in front of IMF headquarters. The directors of the organization held an exceptional meeting Tuesday during which they listened attentively to the presentation on "the situation in Argentina" presented by Axel van Trotsenburg, vice president of the entity Latin America and the Caribbean. The Argentinian authorities intend to dispel the doubts of the Fund in order to prevent the malaise of the country's main creditor from infecting the World Bank. They hope that with the support of the United States, the confirmation of the program of about 500 million dollars called Ready for Development Policy will not be affected. The fate of this credit will be defined in the coming days.