IMF increases loan amount to Argentina
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.
Join the Conversation!
Want to share your thoughts, add context, or connect with others in your community? Create a free account to comment on stories, ask questions, and join meaningful discussions on our new site.
Leave a Reply
You must be logged in to post a comment.