IMF Approves $1.4 Billion for Argentina: Argentina...

IMF Approves $1.4 Billion for Argentina: Argentina received approval for a $1.4-billion loan from the International Monetary Fund. An IMF spokesman said the lending agency’s executive board approved the so-called standby arrangement, which allows the country to draw down the funds over the next 16 months. The approval showed that the IMF was satisfied that Argentina had begun the process of economic reform that lenders felt was critically needed before new funds could be provided. Argentina has made virtually no payments on its $60 billion in foreign debt, piling up about $4.4 billion in interest payment arrears, according to some estimates.