Argentina

The IMF said Argentina is taking ‘decisive’ steps to get its $44 bln program back on track after it missed a key target. IMF staff concluded the second review of Argentina’s deal, highlighting actions taken by economy minister Sergio Massa to shore up the country’s foreign currency reserves. If the fund’s executive board approves the staff-level review, Argentina would receive the $3.9 bln it needs to cover payments owed to the lender from a previous program. The nation is expected to accumulate $9.8 bln of net cash reserves between this year and next.