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IMF Board OKs $50B Argentina Loan      06/21 06:14

   WASHINGTON (AP) -- The Executive Board of the International Monetary Fund 
has approved a three-year, $50 billion stand-by arrangement for Argentina.

   The IMF says Wednesday's decision allows Argentine authorities to 
immediately receive $15 billion, and that half of that amount will be used for 
budget support. The remaining $35 billion will be available over the duration 
of the arrangement, subject to quarterly reviews.

   President Mauricio Macri announced in May that his government was seeking a 
financing deal with the IMF following a sharp devaluation of Argentina's 
currency and a tough global economic outlook.

   That decision rekindled bad memories for Argentines who blame the IMF's 
austerity policies then for the country's worst economic crisis in 2001.


(KA)

 
 
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