Argentina receives a whopping $57.1 billion loan from the International Monetary Fund (IMF), the biggest loan package ever from the global organisation.
Argentina has received a whopping $57.1 billion as a loan from the International Monetary Fund (IMF), the biggest loan package ever from the global organisation aimed at improving the nation’s struggling economy.
Addressing an event, the IMF’s CEO Christine Lagarde said, “this is the biggest loan in the history of the IMF.”
The loan, $15 billion of which has previously been received by Argentina, will be disbursed over the next three years.
Argentina had originally secured a $50-billion loan in June this year.
Through the fund, and other activities such as the gathering of statistics and analysis, surveillance of its members’ economies and the demand for particular policies, the IMF works to improve the economies of its member countries.
The organisation’s objectives stated in the Articles of Agreement are: to promote International Monetary co-operation, International Trade, high employment, exchange-rate stability, sustainable economic growth, and making resources available to member countries in financial difficulty.