Argentina and IMF Agrees 3 Year $50 Billion Plan to Rebuild Economy
Argentina and International Monetary Fund (IMF) have reached a $50 billion 3 year standby loan agreement to rebuild Argentina’s economy. For 16 years, Argentina is still struggling to recover from their major economic crisis in 2001-2002.
“Argentina and IMF Agrees 3 Year $50 Billion Plan to Rebuild Economy”
On 8th May 2018, Argentina had requested assistance to IMF after investments exited the 3rd largest economy in South America, causing the Argentine peso to weaken sharply. In 2016, the largest economy in South America is Brazil’s GDP is $1.8 trillion. The 2nd largest is Mexico is with $1.05 trillion and Argentina is 3rd with $545 billion.
If the loan agreement is approved, Argentina will accelerate plans to reduce the fiscal deficit (spending less and increasing revenue), and restore the budget balance by 2020. The financing rate is between 1.96% to 4.96%.
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