The International Monetary Fund's executive board ratified on Friday its th...
BUENOS AIRES - The International Monetary Fund’s executive board ratified on Friday its third review of Argentina’s economic progress under a major financing deal agreed last year, unlocking a roughly $10.8 billion tranche of funds.
Argentina agreed on a $56.3 billion standby financing deal with the fund last year when Latin America’s No. 3 economy was battered by rampant inflation and a run on the peso currency, which lost half its value against the U.S. dollar. “Economic activity contracted in 2018 but there are signs that the recession has bottomed out, and a gradual recovery is expected to take hold in the coming quarters,” she said.
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