"The Executive Board of the International Monetary Fund (IMF) completed today the fourth review of the extended arrangement under the Extended Fund Facility (EFF) for Argentina. The Board’s decision enables an immediate disbursement US $5.4 billion (SDR 4 billion), bringing total disbursements under the arrangement to about US $28.9 billion," the IMF said on Friday.
Earlier this week, US President Joe Biden met with Argentinian President Alberto Fernandez at the White House to discuss food security, multilateral development bank reforms, as well as boosting cooperation on energy and critical minerals.
During remarks at the White House, Fernandez said more than once, he has been able to discuss with Biden the economic problems that Argentina faces.
Argentina faces $44 billion in debt to the International Monetary Fund
In June 2018, the IMF approved a $50 billion stand-by loan to Argentina to help the country reduce its budget deficit amid soaring inflation. In October 2018, the fund agreed to increase the size of the financing program to $56.3 billion. However, the deal was renegotiated in 2021 to $44 billion.