IMF Approves $50 Billion Loan for Argentina

News Image

MG News | June 20, 2018 at 10:26 PM GMT+05:00

0:00

The International Monetary Fund’s board of directors approved a $50 billion credit line for Argentina on Wednesday, making it the largest loan in the institution’s history.

IMF board members voted in favor of the three-year stand-by arrangement, according to a statement by the Fund. The board’s decision allows Argentine authorities to immediately tap $15 billion, according to the statement. One-half of the amount, or $7.5 billion, will be used for budget support. The remaining amount of $35 billion will be made available over the duration of the arrangement, subject to quarterly reviews by the board.

Argentina’s government has indicated that they intend to draw on the first tranche of the arrangement but will treat the remainder as precautionary, the fund also said.

President Mauricio Macri sought the Fund’s aid in early May as the peso was in free fall, amid a selloff in emerging markets and concerns about Argentina’s economy. The peso is down more than 32 percent so far this year, among the worst performance in emerging markets.

Related News

Name Price/Vol %Chg/NChg
KSE100 157,387.13
291.33M
0.77%
1209.31
ALLSHR 96,432.97
1,194.25M
0.84%
802.58
KSE30 47,998.25
151.25M
0.67%
319.78
KMI30 231,810.02
200.33M
0.93%
2127.79
KMIALLSHR 64,842.81
573.12M
0.74%
476.04
BKTi 42,325.53
70.46M
0.96%
402.73
OGTi 31,607.12
10.79M
-0.41%
-128.67
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 117,285.00 118,295.00
116,115.00
1460.00
1.26%
BRENT CRUDE 67.60 68.01
67.50
-0.35
-0.52%
RICHARDS BAY COAL MONTHLY 84.00 0.00
0.00
-0.40
-0.47%
ROTTERDAM COAL MONTHLY 93.50 0.00
0.00
-0.05
-0.05%
USD RBD PALM OLEIN 1,106.50 1,106.50
1,106.50
0.00
0.00%
CRUDE OIL - WTI 63.33 63.82
63.24
-0.72
-1.12%
SUGAR #11 WORLD 16.21 16.27
16.19
-0.06
-0.37%

Chart of the Day


Latest News
September 18, 2025 at 12:02 PM GMT+05:00

Central govt debt surges to over Rs78tr in July


September 18, 2025 at 12:00 PM GMT+05:00

Crypto market edges higher as fed delivers first rate cut


September 18, 2025 at 11:55 AM GMT+05:00

Saudi Riyal available at PKR 76 in open market


September 18, 2025 at 11:26 AM GMT+05:00

Pakistan, China vow stronger economic ties



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg