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World Argentina agrees to $50 billion IMF loan

05:35  08 june  2018
05:35  08 june  2018 Source:   dw.com

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The IMF and Argentina 's government have agreed to another loan package of billion and further austerity programs. 50 % 75% 100% 125% 150% 175% 200% 300% 400%. Text Edge Style. None Raised Depressed Uniform Dropshadow.

Talk of the International Monetary Fund ( IMF ) just brings back bad memories in Argentina . The government of Fernando de la Rúa had agreed a billion loan to sustain the inherited one dollar-one peso parity. In two years, he took more than € 50 billion from the international markets, but it

  Argentina agrees to $50 billion IMF loan © picture-alliance/dpa/J. Lo Scalzo

Inflation has hit 25 percent, the Argentine peso has lost about 20 percent of its value against the US dollar, and the federal budget is in deficit. The government hopes the IMF loan will get the country back on track.

Argentina and the International Monetary Fund (IMF) on Thursday agreed on a $50 billion (€42 billion) stand-by loan in a bid to bolster the country's public finances and aid to its struggling economy.

South America's third-largest economy intends to use the loan, which still requires the IMF executive board's approval, to try to balance the budget by 2020 and reduce inflation to single-digits by 2021.

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WASHINGTON — Argentine negotiators and the International Monetary Fund have reached an agreement in principle on a renewed .4- billion loan program to help the South American nation deal with its .4- billion foreign debt and mounting domestic economic problems, IMF and

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Argentine President Mauricio Macri said in May that he would seek the loan, warning of a recession if the government were not able to get the IMF's help. The economy has been languishing amid rapidly rising consumer prices — annual inflation has hit an estimated 25 percent — and after the national currency, the peso, lost around 20 percent of its value against the US dollar.

IMF Director Christine Lagarde welcomed the deal and said both sides would work together to make sure the loan and the associated economic reforms "benefit of all Argentines."

Bad memories

Tens of thousands of Argentinians took the street to protest Macri's intention to request the loan. Many Argentinians blame IMF-imposed austerity measures for prolonging a severe economic crisis in the early 2000s.

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Less than a year later, Macri has asked the IMF for a billion loan to help it combat a currency crisis and limit further damage to the Argentinian economy from a dangerous outbreak of market turmoil. What went wrong?

Argentinian Finance Minister Nicolas Dujovne said he expected the funds from the loan to be available after an IMF executive board meeting on June 20.

The government is also set to propose strengthening the autonomy of the Argentine central bank as part of its reform drive.

The country has also agreed to separate loans with the Inter-American Development Bank, the World Bank and the CAP development bank for a total of $5.65 billion in additional financing.

amp/bw (AP, dpa, AFP, Reuters)

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