Tommy Tainant
Diamond Member
Argentina gets biggest loan in IMF's history at $57bn
Argentina has received the biggest loan package ever from the International Monetary Fund, aimed at shoring up the country’s ailing finances: a whopping $57.1bn that will be disbursed over the next three years.
“This is the biggest loan in the history of the IMF,” said the fund’s director, Christine Lagarde, on Wednesday as the final loan agreement was announced in New York.
The loan – $15bn of which has already been received by Argentina – comes with stringent conditions, including a commitment to a zero deficit for 2019.
Argentina had initially secured $50bn in a deal worked out in June after the South American country was battered by a currency crisis, a run on the peso and double-digit inflation.
ÂŁ57bn is a collossal amount.
Argentina has received the biggest loan package ever from the International Monetary Fund, aimed at shoring up the country’s ailing finances: a whopping $57.1bn that will be disbursed over the next three years.
“This is the biggest loan in the history of the IMF,” said the fund’s director, Christine Lagarde, on Wednesday as the final loan agreement was announced in New York.
The loan – $15bn of which has already been received by Argentina – comes with stringent conditions, including a commitment to a zero deficit for 2019.
Argentina had initially secured $50bn in a deal worked out in June after the South American country was battered by a currency crisis, a run on the peso and double-digit inflation.
ÂŁ57bn is a collossal amount.
