Argentina and the IMF are reworking the country's $44B program

 

Argentina and the IMF are reworking the country's $44B program as a record drought is expected to push the country into recession,  resulting in setbacks for the program.  All options are on the table for the fifth review of the IMF's most extensive program, but no specifics were provided.  The IMF recently changed a key target for the third time since the deal began a year ago, reducing the level of net reserve accumulation needed to be built up at the central bank. According to Gita Gopinath, the IMF's First Deputy Managing Director, this year's critical primary fiscal deficit target remains at 1.9% of GDP. The IMF recently slashed its growth forecast for Argentina to 0.2% of GDP, while private economists in Buenos Aires are projecting a 4% contraction. JPMorgan Chase & Co. economists forecast 130% inflation by the end of this year. zovernment data published on Friday showed that prices rose 104% in March from a year ago. La Nacion newspaper reported the development earlier Saturday.