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IMF Board Approves Argentina’s $50 Billion Stand-By Arrangement

IMF board members voted in favor of the three-year stand-by arrangement, according to a statement by the Fund. The board’s decision allows Argentine authorities to immediately tap $15 billion, according to the statement. One-half of the amount, or $7.5 billion, will be used for budget support. The remaining amount of $35 billion will be made available over the duration of the arrangement, subject to quarterly reviews by the board.

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