IMF completes second review of Argentina loan

WASHINGTON (AP) — The executive board of the International Monetary Fund is completing the second review of a three-year, $56 billion stand-by financing deal for Argentina.

The organization announced in a news release that completion of the review allows the South American country to draw about $ 7.6 billion, bringing the total amount received from the IMF since June to about $28.09 billion.

IMF staff had given their go-ahead last month, but the executive board’s approval is still necessary.

Argentina has been hit by a sharp depreciation of the peso amid double-digit inflation.

Categories: National News