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Argentina Says It Reached $44.5 Billion IMF Deal; Bonds Jump

  • Agreement comes after two years of negotiations with the fund
  • Bonds gain as agreement gives Argentina time to repay debt
Alberto Fernandez, Argentina's president, speaks during a Day of Democracy and Human Rights event in Buenos Aires, Argentina, on Friday, Dec. 10, 2021. 

Alberto Fernandez, Argentina's president, speaks during a Day of Democracy and Human Rights event in Buenos Aires, Argentina, on Friday, Dec. 10, 2021. 

Photographer: Sarah Pabst/Bloomberg
Updated on

Argentina reached an initial agreement with the International Monetary Fund worth $44.5 billion as part of efforts to stabilize the economy and refinance an existing loan with the Washington-based organization.

The country pledged to slowly reduce its fiscal deficit and cut the central bank’s financing of the treasury as part of an economic program discussed with the IMF, Economy Minister Martin Guzman said Friday. The deal would give Argentina at least a four-and-a-half year grace period before starting to pay back its debt, he said.