IMF approves increased loan package

WASHINGTON: The International Monetary Fund (IMF) executive board on Friday approved an increased loan package for Argentina worth $56 billion to help stabilise the crisis-battered country’s economy and currency. The IMF said the approval released $5.7 billion to the government immediately, but it also includes tougher conditions. The country secured a $50 billion IMF loan in June and had received $15 billion already, but as conditions worsened Buenos Aires had to go back to the lender for additional support with faster disbursement. With the latest instalment, the IMF has released just over $20 billion to President Mauricio Macri’s government. Argentina’s woes were brought on by a rapid loss of confidence in its currency from April, which exacerbated the downturn already underway due to the severe drought.  

Published in The Express Tribune, October 28^th, 2018.

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