Published: Fri, June 08, 2018
Markets | By Otis Pena

IMF Loans Argentina $50 Billion to Fend Off Economic Implosion

The IMF said the staff-level agreement will be subject to approval by the worldwide body's executive board, which will consider Argentina's economic plan in the coming days.

At the end of March, Argentina suffered a crisis of confidence that caused it to lose more than $10 billion of central bank reserves and saw the peso plunge by almost 20%.

Argentina's consumer prices have been rising an estimated 25 percent a year, one of the world's highest inflation rates.

Under the terms of the agreement, Argentina has agreed to reduce its fiscal deficit to 1.3% of gross domestic product in 2019, down from 2.2% previously.

Rice confirmed the participation of IMF Managing Director Christine Lagarde in the June 21 Eurogroup meeting of eurozone finance ministers; her participation is related to the presentation of the Article IV report on the eurozone.

Can you spot the alligator stealthily lurking in this unknowing family's garden?
Alligator expert at Gatorland Donny Aldarelli said people needed to be aware of alligators at this time of year. "Oh my God. It added that May and June are typically alligator mating season - and the reptiles will be out and about more frequently.

Opinion polls said as many as 75% of Argentinians opposed any agreement with the International Monetary Fund, which many link to painful memories of past economic and social crisis that culminated in 2001 with a sovereign debt default, for which many Argentinians blame the International Monetary Fund.

Critics of the deal asked how the government will meet deficit-reduction goals without making cuts to social assistance, subsidies and employment. "In short, a series of measures against the people", said leftist lawmaker Nicolas del Cano.

The IMF said Thursday that its negotiators have reached three-year agreement with the Argentine government, which reached out to the fund for assistance about a month ago as its currency plunged.

The IMF deal "is very important starting point", Macri told reporters several hours before the loan was announced.

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