Argentina Gets First $15 Bn From International Monetary Fund 23 June 2018

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Argentina gets first $15 bn from International Monetary Fund 23 June 2018

Argentina on Friday received $15 billion, the first tranche of a $50 billion loan from the International Monetary Fund to help stabilize its fragile economy, the South American nation's central bank said.

Buenos Aires, (UrduPoint / Pakistan Point News - 23rd Jun, 2018 ) :Argentina on Friday received $15 billion, the first tranche of a $50 billion loan from the International Monetary Fund to help stabilize its fragile economy, the South American nation's central bank said.

Following a Currency crisis in April and May, the IMF announced the $50 billion standby loan in early June after Latin America's third largest economy sought help to bolster market confidence.

The peso plunged to a record low this month, and since the start of the year the currency has dropped more than 30 percent against the Dollar.

On Wednesday the Washington-based IMF approved the $50 billion aid package.

It said the first $15 billion will contribute to budget support while the $35 billion balance will be "precautionary."The fund said that its assistance would back efforts by Buenos Aires to put public debts on a sustainable path, reduce the need for financing and tackle inflation while strengthening the central bank's independence, while maintaining social spending.

Argentina has a bitter history with the global crisis lender, which many Argentines view as having imposed tough conditions that worsened economic pain 17 years ago.