By Jorgelina do Rosario
NEW YORK/LONDON – The International Monetary Fund’s executive board on Friday approved a $45 billion program for Argentina after more than a year of negotiations, two sources with direct knowledge said, allowing the South American grains exporter to avoid a costly default with the Washington-based lender.
The agreement, which follows a staff-level agreement earlier in March, marks the 22nd IMF program for Argentina since it joined the Fund in 1956. It replaces a failed $57 billion program from 2018, the largest in the Fund’s history, for which Argentina still owes over $40 billion.
(Reporting by Jorgelina do Rosario and Rodrigo Campos; Editing by Chris Reese)