March 18, 2019 / 7:11 PM / 7 months ago

IMF team OKs Argentina's third review, unlocks $10.87 billion in funds

FILE PHOTO: Christine Lagarde, Managing Director of the International Monetary Fund (IMF), and Argentina's President Mauricio Macri pose for a photo at the G7 Summit in the Charlevoix city of La Malbaie, Quebec, Canada, June 9, 2018. Argentine Presidency/Handout via REUTERS

BUENOS AIRES (Reuters) - The International Monetary Fund has reached a staff-level agreement with Argentina over its third review of the country’s economic progress under a financing deal agreed last year, the IMF said on Monday, which would unlock around $10.87 billion.

The disbursement, part of a $56.3 billion standby financing deal to help Argentina recover from an economic crisis that has rocked the South American nation over the last year, is subject to approval by the IMF executive board.

The agreement, which has been expected, paves the way for Argentina to received the latest injection of IMF funds as the government battles to tame rampant inflation, protect the local peso currency and endeavor to revive growth.

The IMF’s executive board rubber-stamped the previous tranche of funds in December, worth around $7.6 billion, after a staff-level agreement was reached in November. The board’s next review is expected in the coming weeks, the IMF said.

Reporting by Hugh Bronstein; Writing by Adam Jourdan; Editing by Richard Chang and Phil Berlowitz

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