IMF takes step toward disbursing $5.4B to Argentina

WASHINGTON (AP) — An International Monetary Fund mission says Argentina may be able to receive a $5.4 billion disbursement as part of its $56 billion economic program with the South American country.

IMF acting managing director David Lipton said in a press release Friday that President Mauricio Macri’s administration had completed all fiscal, monetary and “social expenditure targets under the IMF-backed program in the context of” its latest financial review.

The fund would be able to disburse the money if the executive board gives its approval in a July 12 meeting.

Argentina has already received a total of about $40 billion since June 2018.

The loan was agreed upon last year after the nation was hit by a sharp depreciation of the peso amid double-digit inflation.