Published :
Updated :
For all latest news, follow The Financial Express Google News channel.
Argentina received 12 billion US dollars from the International Monetary Fund (IMF) on Tuesday, the first disbursement under a new loan agreement aimed at stabilizing the economy and rebuilding foreign reserves.
The payment raises the country's gross international reserves to 36.8 billion dollars, according to the Central Bank of Argentina, reports Xinhua.
Economy Minister Luis Caputo said an additional 2 billion dollars is expected from the IMF within two months. Further funding is also anticipated from the World Bank, the Inter-American Development Bank, and a private repo deal, which will bring total near-term inflows to 19.6 billion dollars.
The government plans to use part of the IMF funds to cancel treasury notes held by the central bank, which officials say will help clean up the monetary authority's balance sheet.
President Javier Milei's administration has framed the IMF loan as a shift in creditors rather than new debt.
The new agreement coincides with recent reforms, including the lifting of currency controls and the adoption of a floating exchange rate.