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Argentina reaches $50 billion bailout deal with IMF

IMF Managing Director Christine Lagarde and Argentinian Economy Minister Nicolas Dujovne. Photo: Nicholas Kamm/AFP/Getty Images
IMF Managing Director Christine Lagarde and Argentinian Economy Minister Nicolas Dujovne. Photo: Nicholas Kamm/AFP/Getty Images

Argentina and the International Monetary Fund reached a three-year, $50 billion loan agreement Thursday, which is subject to IMF executive board approval.

Why it matters: Argentina requested IMF (International Monetary Fund) assistance last month after the peso currency plunged, threatening the country’s ability to pay off its debt amid high inflation and anemic growth.