ALBAWABA - The International Monetary Fund (IMF) announced on Wednesday that its Executive Board has approved the disbursement of $7.5 billion to Argentina following the completion of the fifth and sixth reviews of its $44 billion program.
The IMF stated that the total amount disbursed under the agreement has now reached approximately $36 billion. The majority of these funds are being utilized to repay another program's financing.
Experts from the IMF and Argentina reached an agreement in late July, with disbursements on hold pending board approval. The agreement addresses economic goals, including challenges arising from a devastating drought that posed significant difficulties for the grain-exporting nation.
Argentina's net foreign exchange reserves were in negative territory before the IMF's disbursement. Additionally, Argentina reached agreements with Qatar for a $775 million loan, a $1 billion loan from the Inter-American Development Bank, and a $1.7 billion currency swap with China to repay the IMF in a race against time earlier this month.
