2018.06.0908:48:00UTC+00ARGENTINA: Country Closes US$ 50 Billion Agreement With IMF

The Argentinean government closed a loan agreement with the International Monetary Fund (IMF) for US$ 50 billion for a period of 36 months.

According to a statement from the Fund, the stand-by credit line agreement was reached between both sides technical teams and will be submitted to the approval of the Executive Board of the IMF in the coming days.

The South American country's authorities noted that they should use the first part of the loan and keep the other installments as a precautionary reserve.

According to Argentina's Finance Minister Nicolas Dujovne, the agreement reflects the support of the international community to the country.

The managing director of the IMF, Christine Lagarde, congratulated in a statement the government of Mauricio Macri for the agreement and for the reforms that it has been implementing, which include the reduction of the public deficit and the return of the primary balance in 2020.

"That measure should reduce the government's financing needs, lead public debt to a downward path and, as President Mauricio Macri said, alleviate a burden on Argentina's shoulders," said Lagarde, who also supported the efforts of the Argentinean Central Bank to reduce inflation.