Print Edition - 2018-06-22  |  Money Digest

IMF approves $50 billion aid to Argentina

WASHINGTON

Jun 22, 2018-

The International Monetary Fund on Wednesday formally approved a $50 billion aid package intended to help Argentina confront inflation, budget deficits and a weakening currency. The fund’s executive board approved the agreement that Argentina struck with IMF staff earlier this month. Argentina plans to draw on the first $15 billion tranche of the aid programme, of which half will be used for budget support, while treating the remaining $35 billion as “precautionary,” according to the IMF. Christine Lagarde, the IMF’s managing

director, has heaped praise on Argentina’s plans for economic reform but insisted

the decisions were made in Buenos Aires and not handed down from the Washington-based fund. (AFP)

Published: 22-06-2018 08:44

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