IMF Board Approves Argentina's $50 Billion Stand-By Accord
- It’s the largest credit line to a nation in the Fund’s history
- IMF deal requires Argentina to speed up fiscal spending cuts
Buenos Aires, Argentina.
Photographer: Erica Canepa/BloombergThis article is for subscribers only.
The International Monetary Fund’s board of directors approved a $50 billion credit line for Argentina on Wednesday, making it the largest loan in the institution’s history.
IMF board members voted in favor of the three-year stand-by arrangement, according to a statement by the Fund. The board’s decision allows Argentine authorities to immediately tap $15 billion, according to the statement. One-half of the amount, or $7.5 billion, will be used for budget support. The remaining $35 billion will be made available over the duration of the arrangement, subject to quarterly reviews by the board.