Argentina, IMF reached a preliminary USD44.5-bn debt settlement agreement
Argentina, IMF reached a preliminary USD44.5-bn debt settlement agreement
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Argentina and the International Monetary Fund (IMF) have achieved a preliminary deal worth USD44.5 billion to help the South American country manage its debt burden, according to the Ministry Economy.

According to reports, the "Debt Refinancing Agreement between the Republic of Argentina and the International Monetary Fund" would be submitted to Congress for approval as soon as possible.

"After extensive talks, the national government was able to strike an agreement with the IMF that will allow the country to refinance the commitments assumed" in 2018, according to the Ministry, referring to a loan agreement between the IMF and Argentina's previous administration.

On Thursday, the international lending agency said the two parties had reached "a staff-level agreement on the economic and financial policies to be supported by a 30-month Extended Fund Facility (EFF) Arrangement," according to a statement.

The agreement "aims to provide Argentina with balance of payments and budget support to address the country's most pressing economic challenges, as well as to improve the prospects of all Argentines by implementing measures to promote growth and protect essential social programmes," according to the IMF. The agreement at the staff level is still awaiting confirmation by the IMF's Executive Board, according to the statement.

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