Mar 6, (V7N) — The Argentine government announced Wednesday its intention to secure a new loan agreement with the International Monetary Fund (IMF) within the next two months. 

Presidential spokesman Manuel Adorni told reporters that the deal, intended to supplement the existing record $44 billion loan from 2018, "should be completed in the first four months of the year."

Adorni also indicated that Congress will be consulted on the "viability" of the agreement, although he did not specify at what stage of negotiations lawmakers would be involved.   

President Javier Milei, in his state of the nation address on Saturday, confirmed that the government and the IMF were "making progress" on a new agreement and that he would soon seek congressional approval.   

The government has not disclosed the amount of new funding it is requesting from the IMF. However, Argentine media reports suggest the figure is around $10 billion.  

Milei, known for his implementation of severe austerity measures aimed at curbing persistent high inflation and achieving a budget surplus, intends to utilize the new funds to bolster the central bank's dollar reserves.

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