The International Monetary Fund has approved a $12 billion loan for Argentina as part of a four-year, $20 billion financing program, according to Al Arabiya News.
Earlier, the IMF announced a staff-level agreement with Argentina on a $20 billion financial rescue package.
The loan is considered a crucial lifeline for President Javier Milei as he pushes forward with ambitious economic reforms aimed at stabilizing the country’s fragile economy.
Access to IMF liquidity is vital for Argentina, allowing the government to rebuild its depleted foreign currency reserves. Strengthening these reserves is essential for repaying international debts and easing the strict controls currently placed on the national currency.
The new agreement highlights Argentina’s commitment to implementing necessary economic adjustments and restoring market confidence amid ongoing financial challenges.
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