IMF board approves Argentina's $45 billion refinance program
The board of the International Monetary Fund (IMF) on Friday approved a new agreement with Argentina for $45 billion - clearing the final hurdle to refinance the country's debt with the Washington-based lender.
The agreement, which was reached by consensus according to two of the sources, marks the 22nd IMF program for Argentina and comes after more than a year of negotiations - capped by approval from Argentina's Congress last week.
It replaces a failed $57 billion program from 2018, for which Argentina still owes over $40 billion.
The record IMF bailout had been granted to former President Mauricio Macri on the eve of his failed, 2019 re-election campaign - reportedly at the insistence of former U.S. President Donald Trump.
Argentina accounts for some 28% of the IMF's outstanding loans - currently the largest by far.
At: https://www.reuters.com/world/americas/imf-board-decide-argentinas-key-45-bln-program-2022-03-25/
IMF Managing Director Kristalina Georgieva and Argentine President Alberto Fernández during a meeting last year.
Today's historic agreement averts Argentina's default on a record, $45 billion IMF bailout granted to former right-wing President Mauricio Macri during his failed, 2019 re-election bid.
The bailout was reportedly granted at former President Donald Trump's behest - over the IMF board's objections - during Christine Lagarde's tenure.
