7.5 Billion Dollars from the International Monetary Fund to Argentina

The International Monetary Fund announced that its executive board approved the disbursement of 7.5 billion dollars to Argentina on Wednesday, following the completion of the fifth and sixth reviews of its 44 billion dollar program. The Fund stated that the total amounts disbursed under the agreement amount to approximately 36 billion dollars. Most of the funds are used to repay financing for another program. Argentina's net foreign currency reserves were negative before the disbursement of the Fund's funds, and Argentina agreed with Qatar to take a loan of 775 million dollars, in addition to a loan of one billion dollars from the Development Bank of Latin America and the Caribbean, and 1.7 billion dollars from a swap with China for repayment to the International Monetary Fund in early this month.