Argentina's preliminary deal with the International Monetary Fund is set to combine reviews of its $44 billion loan programme, according to four sources, potentially paving the way for streamlining payments to the cash-strapped country.
Latin America's third biggest economy has been seeking to bring forward some of the IMF disbursements scheduled for this year, as the country battles a severe financial crisis that could worsen further due to a lack of international reserves.
The move comes after fifth review talks were delayed amid discussions over some economic measures needed to maintain IMF disbursements. These included the introduction ofA spokesperson for the Economy minister didn't immediately reply to a request for comment. Argentina's fifth review -- linked to a $4 billion payment - was set to be completed in June but negotiations on a agreement were delayed due to IMF "prior action" demands on Buenos Aires, one of the sources added, without providing any further details.
The Fund has merged reviews before with other programmes. Earlier this year, the Fund combined reviews for Uganda and Nepal, and also a year ago with Pakistan.Timing is tricky for Argentina. The IMF board won't be able to convene before the summer recess in the first half of August, so the final approval and disbursements would arrive later next month, two sources said.
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