BUENOS AIRES, Reuters – The International Monetary Fund (IMF), Wednesday announced that it reached a staff level agreement with Argentine authorities on a revised macroeconomic framework. This will allow the country to access approximately $4.03 billion.

In a statement, the IMF stated that all the quantitative targets for the country were met in the first quarter. The annual goals remained the same, including those related to primary fiscal deficit, monetary finance, and net international reserve.

The IMF stated that such an approach “provides a vital anchor to economic stability and growth during uncertain times”, referring to the impact of the huge external shock caused by the conflict in Ukraine on Argentina’s economies.

Approval by the IMF Executive Board is required for the agreement to be finalized. The Fund anticipates that approval will occur within the next few weeks.