The executive board of the International Monetary Fund (IMF) approved the second review for Argentina's $44 billion extended fund facility program, the lender said on Friday, noting the country's efforts to meet the established targets, APA reports citing Reuters.
The approval allows for the issuance of $3.8 billion, bringing total disbursements under the arrangement to about $17.5 billion.
"Decisive actions by the new economic team have been critical to stabilizing markets and rebuilding confidence," the IMF said in a statement.
Argentina, a major grains producer, struck a new IMF deal earlier this year to replace a failed program from 2018.
The new program came with economic targets, including rebuilding depleted international reserves and reducing a deep primary fiscal deficit to improve the country's finances.
"Relevant end-September quantitative program targets were met, including for net international reserves and monetary financing of the fiscal deficit," the IMF said.
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