April 5, 2019 / 7:40 PM / 3 months ago

IMF board approves Argentina third review, greenlights $10.8 bln funding tranche

BUENOS AIRES, April 5 (Reuters) - The International Monetary Fund’s (IMF) executive board ratified on Friday its third review of Argentina’s economic progress under a major financing deal agreed last year, unlocking a roughly $10.8 billion tranche of funds.

The IMF said in a statement that the board had approved an agreement with Argentina over the country’s third review, struck with a staff-level team last month. It also added there were signs the country’s recession had “bottomed out”.

Argentina agreed a $56.3 billion standby financing deal with the fund last year when Latin America’s No. 3 economy was battered by rampant inflation and a run on the peso currency, which lost half its value against the U.S. dollar. (Reporting by Eliana Raszewski and Hugh Bronstein; Writing by Adam Jourdan Editing by Susan Thomas)

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