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IMF increases loan amount to Argentina

IMF increases loan amount to Argentina | iNFOnews.ca
A banner that reads in Spanish "Get out IMF" hangs on a fence outside Congress as lawmakers discuss next year's budget in Buenos Aires, Argentina, Wednesday, Oct. 24, 2018. Protesters are opposed to proposed austerity measures. (AP Photo/Joaquin Garcia Conde)

WASHINGTON – The International Monetary Fund is increasing the loan amount granted to Argentina.

The increase announced Friday brings the amount to $56.3 billion from $50 billion.

The IMF says that when it announced plans to previously disburse a loan in June, it originally referred to $57.1 billion because that was the amount in Special Drawing Rights (SDR), a basket of currencies used by the fund as a unit of account.

The announcement now allows Argentina to immediately draw $5.7 billion, which brings the total disbursements since June to $20.4 billion, the IMF said in a press release.

Argentine President Mauricio Macri is trying to halt economic turmoil that has caused the steep depreciation of the Argentine peso.

The loan is the largest of its kind by the IMF to a country.

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