Argentina has finalized a $20 billion IMF deal to stabilize reserves and repay existing debt amid severe economic challenges.
Argentina’s Economy Minister Luis Caputo has announced a $20 billion loan agreement with the International Monetary Fund (IMF).
The South American nation, grappling with triple-digit inflation and mounting debt has been in negotiations with the IMF for months. Until now, neither side had disclosed the size of the planned deal.
The announcement is the first official confirmation of the agreement’s value, following talks between the IMF and President Javier Milei’s administration.
Argentina remains the IMF’s largest borrower and is still repaying a $44 billion loan from 2022. An earlier program in 2018 under former President Mauricio Macri originally totaled $57 billion.
Of the new $20 billion, approximately $8 billion will bolster central bank reserves, while $12 billion will go toward servicing existing IMF debt. The agreement includes a ten-year repayment period with a four-and-a-half-year grace period.
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The United States and Venezuela have been jamming GPS signals in parts of the Caribbean, raising safety concerns for civilian air and maritime traffic, as tensions between the two countries escalate, according to The New York Times.
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