COVID-19 Latest
World|business|June 8, 2018 / 05:55 PM
IMF agrees to loan up to $50bn for Argentina

AKIPRESS.COM - The International Monetary Fund has agreed to lend Argentina up to $50 billion as the country seeks to bolster its struggling economy, BBC reported.

The three-year agreement must still be approved by the IMF board.

Argentina, which has been plagued by economic problems for years, asked for assistance from the IMF on 8 May after its currency hit an all-time low.

The country has committed to tackle its double digit inflation and public spending as part of the deal.

"The [Argentine] authorities have indicated that they intend to draw on the first tranche of the arrangement, but subsequently treat the loan as precautionary," the IMF said in a statement on Thursday.

Argentine President Mauricio Macri's decision to ask the IMF for help was criticised by many within his country.

All rights reserved

© AKIpress News Agency - 2001-2024.

Republication of any material is prohibited without a written agreement with AKIpress News Agency.

Any citation must be accompanied by a hyperlink to akipress.com.

Our address:

299/5 Chingiz Aitmatov Prosp., Bishkek, the Kyrgyz Republic

e-mail: english@akipress.org, akipressenglish@gmail.com;

Follow us:

Log in


Forgot your password? - recover

Not registered yet? - sign-up

Sign-up

I have an account - log in

Password recovery

I have an account - log in