(UTV|COLOMBO) – The International Monetary Fund has agreed to lend Argentina up to $50bn (£37.2bn) as the country seeks to bolster its struggling economy, the BBC reported.
The three-year agreement must still be approved by the IMF board.
Argentina, which has been plagued by economic problems for years, asked for assistance from the IMF on 8 May after its currency hit an all-time low.
The country has committed to tackle its double digit inflation and public spending as part of the deal.
“The [Argentine] authorities have indicated that they intend to draw on the first tranche of the arrangement, but subsequently treat the loan as precautionary,” the IMF said in a statement on Thursday.
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