The Development Bank of Latin America approved a $1 billion bridge loan for Argentina, official sources reported.
This was approved by the multilateral entity, formerly known as the Andean Development Corporation (CAF), at an extraordinary meeting of the Board of Directors, according to “Talem.”
The decision was communicated by representatives of the countries of the entity to the Minister of Economy of the Nation, Sergio Massa, through a meeting by video call.
Earlier, the International Monetary Fund (IMF) announced that it has reached a technical agreement with Argentina to approve the last two revisions of the agreement it signed with the Latin American country for the refinancing of its debt in January 2022.
The Fund will release $7.5 billion in August to ease Argentina’s economy, but the funds won’t reach the South American country’s coffers until the board reviews details during the second half of that month.
The Argentine government has celebrated that the new agreement removes the discussion on the debt with the IMF from the electoral campaign.
Argentina’s Economy Minister, Sergio Massa, celebrated the agreement during a campaign tour of the country’s northwest.
