IMF board completes fourth review of Argentina program

WASHINGTON (AP) — The executive board of the International Monetary Fund has approved its fourth review of a $56 billion IMF-supported program for Argentina.

Friday's action gives Argentina access to $5.4 billion, bringing the total amount approved from the IMF since June 2018 to $44.1 billion.

IMF staff had given their go-ahead last week, but the executive board's approval was still necessary.

The Argentine authorities met "all the applicable targets under the Fund-supported program," said David Lipton, the IMF's acting managing director.

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

The Fund projected in April that Argentina's gross domestic product will grow 2.2% in 2020 after contracting 1.2% this year and 2.5% in 2018.