The executive board of the International Monetary Fund (IMF) has approved a $7.5 billion disbursement for Argentina.
The agreement combines the fifth and sixth reviews of an existing 30-month, $44 billion IMF program, in a move aimed at improving the South American country's economic situation.
"Since completion of the fourth review, key program targets were missed reflecting the historic drought along with policy slippages," the IMF announced in a statement.
"Against the backdrop of high inflation and rising balance of payments pressures, agreement was reached on a new policy package centered on rebuilding reserves and enhancing fiscal order," the IMF continued.
The announcement brings the total disbursements by the IMF to Argentina under the arrangement to around $36 billion, with the next review scheduled for November, the IMF said. (QNA)