Argentina asks IMF to release $50bn loan as crisis worsens
August 29, 2018 4:05 pm
Argentina’s government has unexpectedly asked for the early release of a $50bn (£37.2bn) loan from the International Monetary Fund.
An economic crisis has led to rampant inflation and the Argentine peso has lost 40% of its value so far this year.
In a televised address, President Mauricio Macri said quicker access to the funds would eliminate uncertainty and restore market confidence.
But there are concerns that Argentina cannot repay its heavy borrowing.
“I want to announce that we have agreed with the International Monetary Fund to advance all the necessary funds to guarantee compliance with next year’s financial program,” said Mr Macri.
“As for us, we will accompany this support with the necessary fiscal efforts.