Email
Password
Remember meForgot password?
    Log in with Twitter

article imageArgentina gets first $15 bn from IMF

By AFP     Jun 22, 2018 in World

Argentina on Friday received $15 billion, the first tranche of a $50 billion loan from the International Monetary Fund to help stabilize its fragile economy, the South American nation's central bank said.

Following a currency crisis in April and May, the IMF announced the $50 billion standby loan in early June after Latin America's third largest economy sought help to bolster market confidence.

The peso plunged to a record low this month, and since the start of the year the currency has dropped more than 30 percent against the dollar.

On Wednesday the Washington-based IMF approved the $50 billion aid package. It said the first $15 billion will contribute to budget support while the $35 billion balance will be "precautionary."

The fund said that its assistance would back efforts by Buenos Aires to put public debts on a sustainable path, reduce the need for financing and tackle inflation while strengthening the central bank's independence, while maintaining social spending.

Argentina has a bitter history with the global crisis lender, which many Argentines view as having imposed tough conditions that worsened economic pain 17 years ago.

More about Imf, Argentina, Loan
More news from