(Reuters) -The International Monetary Fund said on Thursday it has reached a staff-level agreement on the first review of its extended fund facility with Argentina, potentially unlocking about $2 billion for the economically embattled Latin American nation.
The executive board meeting for the review, part of Argentina’s $20 billion loan program with the lender, is expected to take place later this month, the IMF said in a statement.
The IMF said the program had started off strongly “despite a more challenging external backdrop,” with Argentina’s inflation and poverty coming down while growth has ticked up.
“Notably, Argentina has re-accessed international capital markets earlier than anticipated,” the IMF added.
The lender said that agreements had been reached with Argentina on safeguarding its fiscal anchor, building up reserves and making the drop in inflation last.
(Reporting by Rishabh Jaiswal and Kylie Madry; Editing by Leslie Adler and Nia Williams)
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