IMF approves $44 bn extended arrangement for Argentina to tackle inflation

The International Monetary Fund (IMF) Executive Board approved a $44 billion extended arrangement for Argentina to strengthen the country's debt sustainability and tackle high inflation

The International Monetary Fund (IMF) Executive Board approved a USD 44 billion extended arrangement for Argentina to strengthen the country's debt sustainability and tackle high inflation, the IMF said in a statement.

"The Executive Board of the International Monetary Fund (IMF) approved today a 30-month extended arrangement under the Extended Fund Facility (EFF) for Argentina amounting to SDR 31.914 billion (equivalent to US$44 billion, or 1000 per cent of quota)," the statement said on Friday .

IMF said the program aims to strengthen public finances and start reducing "persistently high inflation."

"Argentina continues to face exceptional economic and social challenges, including depressed per capita income, elevated poverty levels, persistently high inflation, a heavy debt burden, and low external buffers. Against this backdrop, the authorities' economic program sets pragmatic and realistic objectives, along with credible policies to strengthen macroeconomic stability and begin to address Argentina's deep-seated challenges," IMF Managing Director Kristalina Georgieva said.