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The latest news from @IMFNews is a big deal for #Argentina in ways that are both obvious and under appreciated. The obvious: the #IMF is lending an additional $10.8 billion. https://www.imf.org/en/News/Articles/2019/04/05/pr19107-argentina-imf-executive-board-completes-third-review-under-argentinas-stand-by-arrangement#.XKo6H4TpxZs.twitter … 1/
The under appreciated: @mauriciomacri's periodic promises that "lo peor ya pasó" have lost credibility, so observations by @Lagarde that #Argentina's reforms are "bearing fruit" and "there are signs that the recession has bottomed out" are important for voters and investors. 2/
Moreover, the mere fact of #Argentina's continued compliance with #IMF conditions should not be taken for granted, given its history and the political costs of ajuste. President @mauriciomacri's administration, @Lagarde said, has "demonstrated its resolve." 3/
That is not to downplay the #IMF's warnings, including with regards to high inflation and underperforming tax revenue in #Argentina. But over all, @IMFNews's latest assessment is worth more than its weight in SDRs. 4/
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