ARGENTINA AND IMF REACH DEAL – Key funds unlocked to salvage debt program

ARGENTINA AND IMF REACH DEAL – Key funds unlocked to salvage debt program

Argentina and the International Monetary Fund (IMF) finalised the details of an agreement over the country’s embattled $44 billion loan program, unlocking a more-than-expected $4.7 billion, the fund has said.

Argentina, battling annual inflation heading toward 200% and net foreign currency reserves in negative territory, needed to revamp its huge IMF deal after the previous government missed various economic targets linked to the program.

The new government of libertarian President Javier Milei had been locked in talks with IMF officials in Buenos Aires since late last week, aiming to unlock the seventh review of the program and new funds for debt repayments.