IMF to Unlock $2 Billion for Argentina Amid Economic Reforms

The International Monetary Fund announced Thursday it has reached a staff-level agreement with Argentina, setting the stage for the release of approximately $2 billion under their extended fund facility. This move signals a potential financial relief for Argentina, which is grappling with economic challenges.

The agreement paves the way for an executive board meeting set for later this month to evaluate Argentina's continued $20 billion loan program. The IMF noted that Argentina has shown promising steps, such as reducing inflation and poverty levels while boosting economic growth, despite facing challenging external conditions.

Additionally, the IMF highlighted Argentina's unexpected return to international capital markets and the nation's initiatives towards safeguarding fiscal stability, increasing reserves, and sustaining the reduction in inflation. However, there is concern that Argentina's economic growth might slow as the country approaches its midterm elections.

(With inputs from agencies.)