The IMF announced on March 4 that it was sending a mission to Argentina to conduct a comprehensive assessment of the country’s current economic situation and to assist the authorities in developing a sustainable program. Anoop Singh, who has been named the IMF’s Director for Special Operations, would head the mission, which departed on Tuesday, March 5, for Buenos Aires.
“The purpose of the visit is to make a comprehensive assessment of the progress being made by Argentina in all the main areas of its economic program,” stated Thomas Dawson, the IMF’s Director of External Relations. “This will be the first time under the current Argentine government that an IMF team will look in an integrated way across all areas of the economy.
“We anticipate that the mission will return to Washington to share its assessment with management and the IMF Executive Board prior to continuing discussions over an IMF-supported program,” Dawson added.
On January 16, to help Argentina cope with a deepening recession and the depreciation of its currency, the Executive Board agreed to extend by one year the due date of a repayment of $933 million under the Supplemental Reserve Facility as part of a stand-by credit. Such extensions are allowed if repayment would cause undue hardship to a borrower and if the borrower is taking actions to strengthen its balance of payments. On September 7,2001, the IMF increased Argentina’s stand-by credit to $21.57 billion.