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Argentina secures US$2 billion loan from World Bank to contain difficult social situation
Tuesday, October 22, 2024 - 15:33
El ministro de Economía de Argentina, Luis Caputo, responde preguntas durane una conferencia de prensa en la Casa Rosada en Buenos Aires, Argentina. 26 ene, 2024. REUTERS/Tomas Cuesta

The Argentine economy minister made the announcement after a meeting in Washington, where he is attending a summit of the International Monetary Fund (IMF) and the World Bank.

The World Bank said Tuesday it will support Argentina with loans worth more than $2 billion to help it cope with the country's difficult social situation.

The government of ultra-liberal Javier Milei is seeking to get Argentina's economy back on track by eliminating the fiscal deficit and inflation with an adjustment plan that has increased poverty and hit economic activity.

World Bank Vice President Carlos Felipe Jaramillo said on social media X that "the World Bank is ready to support Argentina with more than US$2 billion in new loans in the areas of social protection and education and to support the poorest in their access to transportation and energy."

The announcement was made to Argentina's Economy Minister, Luis Caputo, after a meeting in Washington, where the official is attending the summit of the International Monetary Fund (IMF) and the World Bank.

Caputo was accompanied by the president of the central bank, Santiago Bausili, the vice president of the entity Vladimir Werning, the Secretary of Finance, Pablo Quirno and the Secretary of Economic Policy, José Luis Daza.

The Argentine minister recently said that the country was going to start negotiating a new program with the IMF after the country over-fulfilled several of the objectives of the current program with the organization.

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