BUENOS AIRES, (Reuters) – Argentina’s cash-strapped government will raise $3.2 billion in hard currency in order to meet debt repayments via an issuance of 10-year bills to the central bank, according to a decree in the official gazette today.
The new administration of libertarian president Javier Milei is battling against the country’s worst economic crises in two decades, including inflation racing towards 200%, a lack of foreign currency reserves and rising poverty.
The government is also expected to meet a delegation from the International Monetary Fund (IMF) on Friday, looking to hammer out an agreement on a delayed review of the South American country’s $44 billion program.
Analysts say that the IMF meeting is a key step towards Argentina unlocking the next tranche of financing from the Washington-based lender, estimated at around $3 billion.
Argentina recently paid some $920 million to the IMF and faces an upcoming capital payment to the organization for about $1.95 billion in mid-January.
