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IDB cannot rubber-stamp Argentina's funds request - bank president

26 Tháng Bảy 2022
IDB cannot rubber-stamp Argentina's funds request - bank president

(Reuters) - The Inter-American Development Bank (IDB) cannot "rubber-stamp" cash for Argentina without it meeting commitments to improve macroeconomic conditions, the IDB President said on Monday.

In a letter to the editor published https://www.wsj.com/articles/idb-inter-american-development-bank-argentina-imf-loan-commitment-11658761650?page=1 by The Wall Street Journal, Mauricio Claver-Carone said the bank has a "duty to help members like Argentina," but is also "eager for Argentina to meet commitments to the IMF (International Monetary Fund) to improve macroeconomic conditions."

Claver-Carone said Argentina is asking to approve a new $500 million unconditional loan, and that the bank has disbursed $2.5 billion to the country since late 2020 for healthcare, clean water and infrastructure projects.

"As much as the IDB wants to approve new funds for Argentina, it cannot rubber-stamp requests to do so without prudently ensuring it has a development impact," he said.

Argentina, which faces a challenging macroeconomic scenario with spiraling inflation and a currency at record lows against the dollar, already has a $44 billion program sealed with the IMF.

"The commitments, much more modest than those required of other countries, are key to promoting sustainable growth and ensuring the IDB can offer Argentina fresh financing," Claver-Carone added.

The IDB comments came ahead of an IMF meeting with Argentina's newly appointed economy minister Silvina Batakis, who was sworn in less than a month ago after her predecessor abruptly resigned.

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15-08-2022 05:23:56 (UTC+7)

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 USD/CAD1.2777Buy
 EUR/JPY137.07↑ Buy
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 Gold1,816.55↑ Sell
 Silver20.767Buy
 Copper3.6610Sell
 Crude Oil WTI91.75Neutral
 Brent Oil97.88Buy
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 US Coffee C227.53↑ Buy
 Euro Stoxx 503,776.81Sell
 S&P 5004,280.15↑ Buy
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 FTSE 1007,500.89Neutral
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 Small Cap 20002,013.09↑ Buy
 IBEX 358,400.40↑ Sell
 BASF44.155↑ Buy
 Bayer54.15↑ Buy
 Allianz181.08↑ Sell
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 Lufthansa6.588↑ Sell
 Siemens AG111.84↑ Sell
 Deutsche Bank AG9.061↑ Buy
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