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

by Mike Robinson

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© Reuters. FILE PHOTO – The International Monetary Fund logo can be seen in its headquarters after the IMF/World Bank annual meeting, Washington, U.S.A, September 9, 2016. REUTERS/Yuri Gripas/File Photo/File Photo

By Jorgelina do Rosario

NEW YORK/LONDON – Friday’s approval by the International Monetary Fund executive board of a program worth $45 billion for Argentina was the result of more than a decade-long negotiations. Two sources who have direct knowledge say that this allows the South American grain exporter to avoid a default with Washington-based lender.

Following a March staff level agreement, this agreement marks Argentina’s 22nd IMF Program since its 1956 accession to the Fund. The agreement replaces an unsuccessful $57 billion program that was launched in 2018, which Argentina still owes $40 billion.

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