December 4, 2023

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Argentina secures $500 million Saudi funding on meals, vitality

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Riyadh: Argentina introduced a $500 million funding Thursday from the Saudi Fund for Improvement, securing some uncommon worldwide financing as the federal government seeks to comprise an financial disaster.

The state-run Saudi fund is placing cash into meals and vitality tasks within the South American nation, together with a gasoline pipeline that’s anticipated to be completed this yr, in keeping with an Argentine Financial system Ministry assertion, which didn’t element precisely when the funds would arrive.

Financial system Minister Sergio Massa met with the fund’s CEO, Sultan Abdulrahman Al Marshad, in Washington Thursday on the sidelines of the Worldwide Financial Fund’s spring conferences. The outlay comes simply two weeks after Argentine President Alberto Fernandez advised US President Joe Biden in Washington that he’s in search of to safe a “bridge” of financing to offset losses from a extreme drought.

Whereas the Saudi funding isn’t sufficient to be a bridge by itself, it’s a uncommon occasion of international backing in Argentina for the reason that nation misplaced entry to worldwide debt markets after it defaulted on non-public collectors in 2020.

Fernandez’s authorities is struggling to comprise inflation of over 100 per cent because the economic system is anticipated to enter recession this yr, exacerbated by the worst drought on file slashing commodity exports nearly in half.

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