World Bank Loans for Argentina

BUENOS AIRES (Reuters) – The World Bank is ready to provide Argentina with over $2 billion in new loans aimed at social security, education, transport, energy, and poverty alleviation. This announcement was made by Carlos Felipe Jaramillo, the World Bank's regional vice president, on X, coinciding with Argentina’s Economy Minister attending the IMF-World Bank summit in Washington.

The administration of libertarian President Javier Milei is grappling with one of the world's highest inflation rates, implementing strict austerity measures that have hindered economic activity and increased poverty beyond 50%.

Milei has stated that he will veto any legislation that jeopardizes fiscal stability, including recent proposals intended to boost university funding in keeping with inflation, which have incited widespread protests.

Economy Minister Luis Caputo has traveled to Washington for the summit, accompanied by Central Bank chief Santiago Bausili and Finance Secretary Pablo Quirno, along with other officials. He indicated that Argentina plans to negotiate a new program with the IMF after exceeding several targets in its current plan, with the existing $44 billion agreement concluding later this year.