Print

Mail

wiki links

IMF approves new US$12.55 billion credit for Argentina

The IMF approved an economic plan for Argentina on Saturday aimed at bolstering investor confidence and growth in a country deeply scarred by a botched peso devaluation and a record sovereign debt default last year.

The fund's board approved a US$12.55 billion line of credit for Argentina under a three-year programme and extends repayment of US$2.43 billion owed to the fund.

But not every member of the IMF's 24-member board was happy with the debt-default deal.

IMF sources said four executive board members, mainly from Europe, abstained from voting to show reservations about the deal, which some critics have charged is too soft on Argentina.

Anoop Singh, the IMF's director for Latin America, said next year was a crucial year for the programme that includes a sequence of fiscal and monetary policies and establishes conditions for both corporate and private debt restructuring.
This story has been viewed 1717 times.