Massa flies to Washington as IMF board discusses disbursement

The Economy Minister will meet with officials from the White House, the World Bank and the IADB during the two-day trip

Sergio Massa with IMF Managing Director Kristalina Georgieva

Economy Minister Sergio Massa will fly to Washington D.C. on Monday, to be present in the U.S. capital as the International Monetary Fund (IMF) board meets to approve the most recent review of Argentina’s plan with the international lender, triggering a US$7.5 billion disbursement.

The IMF board is expected to green-light the staff-level agreement reached on July 28 on the combined fifth and sixth reviews under Argentina’s 30-month Extended Fund Facility arrangement. This would “unlock the agreed disbursements,” IMF’s Director of Communications Julie Kozack said last week.

Massa and IMF Managing Director Kristalina Georgieva are scheduled to meet on Wednesday, after the board meeting.

On Tuesday morning, Massa will meet the World Bank’s Managing Director of Operations, Anna Bjerde, and later the Inter-American Development Bank president, Ilan Goldfajn.

During Tuesday afternoon, the minister will meet U.S. Treasury officials Jay Shambaugh, the under-secretary for International Affairs, and Michael Kaplan, assistant secretary for International Markets. He will dine with White House officials in the evening.

On Wednesday morning, Massa will meet Brian Nichols, assistant secretary for Western Hemisphere Affairs for the Department of State.

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The trip comes at a delicate moment for Argentina’s finances: the informal “blue” dollar and financial dollars skyrocketed in the wake of the minister and presidential candidate’s defeat by libertarian economist Javier Milei in the August 13 primary elections.

The day after the primaries, the Central Bank announced a 22% currency devaluation, bringing the official dollar exchange rate to AR$350, a figure the Central Bank committed to maintaining until October.

That same day, the IMF announced its board would be meeting this Wednesday. Their communiqué was interpreted as support for the government’s decision to devalue the currency and hike the interest rate by 21 percentage points.


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