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Exclusive-IMF board approves $45 billion Argentina program -sources

IMF board approves new trust to help members deal with climate change, pandemics
IMF board approves new trust to help members deal with climate change, pandemics -  Copyright  Thomson Reuters 2022
Copyright Thomson Reuters 2022
By Reuters
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By Jorgelina do Rosario

NEW YORK/LONDON - The International Monetary Fund's executive board on Friday approved a $45 billion program for Argentina after more than a year of negotiations, two sources with direct knowledge said, allowing the South American grains exporter to avoid a costly default with the Washington-based lender.

The agreement, which follows a staff-level agreement earlier in March, marks the 22nd IMF program for Argentina since it joined the Fund in 1956. It replaces a failed $57 billion program from 2018, the largest in the Fund's history, for which Argentina still owes over $40 billion.

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