By Ovunc Kutlu
ISTANBUL (AA) - The International Monetary Fund (IMF) approved an immediate disbursement of $4.7 billion for Argentina to support policy efforts to restore macroeconomic stability in the country.
The decision comes after the IMF's executive board completed its seventh review of the extended arrangement under the Extended Fund Facility for Argentina.
The latest amount brings total disbursements under the arrangement to approximately $40.6 billion, according to a statement released Wednesday.
The IMF said its board also approved an extension of the arrangement through Dec. 31, 2024.
"Following completion of the last reviews, Argentina’s already large imbalances and distortions grew more acute, and the program went significantly off track, reflecting the inconsistent policies of the previous government," said IMF Managing Director Kristalina Georgieva.
"The agreed ambitious stabilization plan is centered on the establishment of a strong fiscal anchor that ends all central bank financing of the government," she added.