IMF Considers Disbursing $20 Billion to Argentina
The International Monetary Fund (IMF) is set to discuss a new $20 billion loan for Argentina next week in an informal meeting, ahead of an official board meeting scheduled for mid-April, Bloomberg reported.
Ahead of the formal decision, a meeting between the IMF’s technical team and the executive board will take place in Washington.
The meeting, scheduled for Tuesday, will help determine the final loan amount, which is crucial for strengthening Argentina’s Central Bank reserves.
The IMF is evaluating a four-year extended fund facility agreement, with an estimated allocation of 15 billion Special Drawing Rights (SDRs), equivalent to approximately $20 billion.
However, the final amount could change following discussions with board members.
In these informal meetings, IMF staff typically present a report on the state of negotiations with the requesting country. The next step would be the signing of a technical agreement, which would then require formal board approval.
This discussion comes after Argentina’s Chamber of Deputies approved a decree of necessity and urgency (DNU) promoted by President Javier Milei, supporting a new agreement with the IMF.
Turkish Stocks Face Worst Week Since 2008 Crisis
In other emerging market news, Turkish stocks were on track to close their worst week since the aftermath of the 2008 Lehman Brothers collapse, amid concerns over the detention of President Tayyip Erdogan’s main political rival.
Meanwhile, the lira was headed for a 4% weekly drop despite aggressive intervention by Turkey’s central bank in recent days. The latest stock selloff triggered two circuit breakers on the Istanbul Stock Exchange.
The benchmark BIST-100 fell 7.82%, while the banking index dropped 9.37%. The BIST-100 is on course for a 15% weekly decline, its worst since the global financial crisis in October 2008.
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