The International Monetary Fund said Monday it has reached an agreement with the government of Argentina on the fourth review of the aid package for the South American country, paving the way for the disbursement of some $5.3 billion.

The new tranche of funding, which should be approved "in the coming weeks" by the institution's board of directors, brings the amount of funds allocated to Argentina since the signing of the aid program in March 2022 to $28.8 billion.

"Prudent macroeconomic management in the second half of 2022 supported stability and helped secure program targets through end-2022 with some margin," the IMF said in a statement.

It noted that the "agreement is subject to approval by the IMF Executive Board, which is expected to meet in the coming weeks."

The review focused on assessing progress and reaching agreement on a "strong policy package to durably address macroeconomic imbalances while limiting future vulnerabilities."

"Against a more challenging economic backdrop, particularly the increasingly severe drought, stronger policy actions are necessary to safeguard stability, address rising inflation and policy setbacks, and maintain the anchoring role of the program," the international lender said.