The International Monetary Fund (IMF) board is scheduled to approve a $20 billion loan agreement with Argentina during a meeting on Friday. This was announced by a high-ranking Argentine official in a radio interview on Wednesday.
Presidential spokesman Manuel Adorni stated that the IMF's approval of the agreement is crucial for Argentina. The IMF had previously announced a staff-level agreement on Tuesday, setting the stage for the board vote.
Argentina requires the $20 billion loan to ease capital controls that hinder investment, strengthen its diminished foreign currency reserves, and alleviate inflationary pressures. Adorni emphasized that this IMF deal is part of a program with a clear structure, aimed at tightening spending and stabilizing the economy.
Argentina is the IMF's largest debtor and has a history of financial arrangements with the institution, including a $44 billion deal that is still being repaid.