Presidential economic advisor Julio Ortega Tous announced yesterday that negotiations with the IMF for the signing of the stand-by agreement have advanced. He said that the IMF board will review the letter of intent presented by the country on 31 January. The letter of intent is a summary to the IMF of the commitments the country has made. During the press conference where the announcement was made, Ortega was accompanied by other governmental advisors Frederich Berges, Alberto Veloz and Peter Prazmowski. The agreement will open purse strings to an estimated US$2.6 billion in fresh resources, including US$670 million from the IMF itself. Funds from the World Bank and the Inter-American Development bank are also expected. An agreement has been reached with Spain, for EUR 210 million.
The agreement will have a duration of 28 months as of its approval date.