IMF Board OKs $50B Argentina Loan

IMF Board OKs $50B Argentina Loan

WASHINGTON (AP) -- The Executive Board of the International Monetary Fund has approved a three-year, $50 billion stand-by arrangement for Argentina.

The IMF says Wednesday's decision allows Argentine authorities to immediately receive $15 billion, and that half of that amount will be used for budget support. The remaining $35 billion will be available over the duration of the arrangement, subject to quarterly reviews.

President Mauricio Macri announced in May that his government was seeking a financing deal with the IMF following a sharp devaluation of Argentina's currency and a tough global economic outlook.

That decision rekindled bad memories for Argentines who blame the IMF's austerity policies then for the country's worst economic crisis in 2001.