IMF boosts bailout for crisis-hit Argentina

(FASTNEWS|COLOMBO) – The International Monetary Fund (IMF) has agreed to provide a bigger, faster bailout to Argentina than initially planned in an effort to restore market confidence in the country.

The IMF plans to boost its 36-month financing package to USD 57.1 billion from USD 50 billion announced previously.

It will make about USD 50 billion in credit available through 2019 – USD 19 billion more than previously anticipated.

The move comes as Argentina faces a budget deficit and economic crisis.

Its economy has contracted as the value of the Argentine peso has plunged and a drought has hurt agricultural exports.

Alarmed investors have pulled money from the country, leaving the Government and companies that hold debt in dollars in turmoil.

Last month, President Mauricio Macri asked the IMF to accelerate its emergency package, which makes credit available to Argentina.

Officials plan to use the financing to support the budget.