Argentine Economy Minister Martín Guzmán said on Sunday that the recent agreement signed with the International Monetary Fund (IMF) to restructure some 44 billion dollars could require adapting economic policies of the third-largest economy from Latin America.

The official stated in interviews with local media that the Russian invasion of Ukraine changed the expectations of the global economy in the face of strong increases in raw materials.

“In the last weeks of the negotiation and anticipating the development of the international situation, an attempt was made to more deeply articulate a language that would take into account that contingencies could arise that would require adaptation of economic policies,” Guzmán told the morning newspaper La Nation.

The IMF approved the credit program on Friday after more than a year of negotiations, which provides for a reduction in the fiscal deficit, an increase in interest rates and a cut in energy subsidies, among other points.

“In the world, we are living in, the levels of global uncertainty are high and, therefore, contingencies are appearing,” he told the morning paper Clarín.

The invasion of Ukraine, which began at the end of February, determined economic sanctions against Russia that triggered food and energy prices, which will lead to greater global inflationary pressure, according to analysts.

The understanding reached by the country with the credit institution includes quarterly reviews, the first being in May, IMF officials said on Friday.