Argentina and the International Monetary Fund announced an agreement to release $4.7 billion dollars as part of a debt restructuring plan for the troubled South American giant.
Latin America’s third-biggest economy is on its knees after decades of debt and financial mismanagement, with inflation surpassing 160 percent year-on-year and 40 percent of Argentines living in poverty. The package is still subject to approval by the IMF board of directors.
With this accord new president Javier Milei, who took power in December and inherited a deep social, economic and financial crisis, puts back on track a $44 billion dollar bailout package with the IMF that dates back to 2018.—AFP
