The International Monetary Fund (IMF) approved Argentina’s fourth review under its $44 billion loan program on Friday, unlocking the disbursement of $5.4 billion to the indebted country, the lender said in a short statement.
The IMF made no mention of Argentina’s request for easing reserve targets that have becoming increasingly difficult to meet amid a historic drought hitting the country’s grains exports, but said a longer statement would be released later.
The country’s central bank foreign reserves jumped by $2.5 billion on Friday versus a day earlier, data from the bank showed. That reflected the new IMF funds minus $2.7 billion of repayments Argentina had to make to the lender on Friday.
Source : IMF Unlocks $5.4 Billion in Funds to Argentina, Bolstering Reserves