Argentina Asks IMF: Ease Reserves Goals Amid Drought

Argentina's government is in final talks with International Monetary Fund (IMF) officials to ease foreign exchange reserves targets for 2023 under the country's $44 billion program, two sources close to the matter told Jorgelina Do Rosario and Jorge Otaola of Reuters.

Photo Insert: Argentina's worst drought in 60 years has pummeled soy, corn and wheat crops, compromising already weak foreign exchange reserves.

The move comes as the South American commodities exporter is facing the worst drought in 60 years, which has pummeled soy, corn and wheat crops, compromising already weak foreign exchange reserves.

Discussions include the impact of the drought on 2023 goals for net reserves, said an Argentina economy ministry adviser who asked not to be named because the talks were ongoing.

Talks are now focused on agreeing on exact figures, said one of the sources. An Argentine government source, who asked not to be named because discussions are private, said talks are ongoing but nothing is defined yet.

A spokesperson for the IMF said that the Fund's staff and the Argentine authorities are discussing the fourth review of the program and it will communicate the outcome of those discussions in due course.

Under the latest review, Argentina had been set the target of net reserves to increase by $5.5 billion at the end of March and $9.8 billion at the end of the year, Adam Jourdan also reported for Reuters.

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