IMF to ship $5.4 billion in cash to Argentina under standby credit deal
The International Monetary Fund board said on Friday it would ship $5.4 billion (£4.3 billion) in cash to Argentina after approving a fourth review of a standby credit deal with the crisis-stricken South American nation. The latest instalment is part of a $57 billion IMF financing agreement approved last year that included unpopular spending cuts that have hammered households and businesses already struggling with recession and high inflation.
"The Argentine authorities continue to show a strong commitment to their economic policy programme, meeting all the applicable targets under the Fund-supported programme," the IMF said in a statement.
The fresh cash could help embattled President Mauricio Macri as he seeks to calm markets and boost investor confidence ahead of the first round of presidential elections in October, in which Macri is seeking a second term.
The government says the outlook for Latin America`s No. 3 economy is improving. Earlier on Friday, officials said Argentina had posted a surplus of $710.9 million in the first half of 2019, surpassing a key benchmark set by the IMF.
#LIVE | घूमने के लिए लोन लें या MF में निवेश करें? जानें #MoneyGuru में @pallavi_nagpal के साथ। https://t.co/KsjebEGIwY
— Zee Business (@ZeeBusiness) July 12, 2019
"While it has taken time, these policy efforts are starting to bear fruit," the Fund said in the statement. "Financial markets have stabilized, the fiscal and external positions are improving, and the economy is beginning a gradual recovery from last year´s recession. The Fund is strongly supportive of these important policy efforts."
Macri´s government has said it expects inflation to end this year under 40.3%. The rate over the 12 months through May clocked at 57%.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
IPL Auction 2025 Free Live Streaming: When and where to watch Indian Premier League 2025 mega auction live online, on TV, Mobile Apps, and Laptop?
SIP vs PPF: How much corpus you can build in 15 years by investing Rs 1.5 lakh per year? Understand through calculations
SBI Senior Citizen Latest FD Rates: What senior citizens can get on Rs 7 lakh, Rs 14 lakh, and Rs 21 lakh investments in Amrit Vrishti, 1-, 3-, and 5-year fixed deposits
05:33 PM IST