IMF reaches $20 billion staff-level agreement with Argentina

BUENOS AIRES (Reuters) -The International Monetary Fund said on Tuesday it reached a staff-level agreement with Argentina on a 48-month extended fund facility totaling $20 billion.

The IMF said the agreement, which is subject to approval by its executive board, "builds on the authorities' impressive early progress in stabilizing the economy, underpinned by a strong fiscal anchor, that is delivering rapid disinflation and a recovery in activity and social indicators."

Argentina desperately needs the $20 billion deal to unlock investment-blocking capital controls, bolster its depleted foreign currency reserves and come out of a tight inflationary pinch.

"When the board discusses the program, the amount of the first disbursement will be known," an IMF source said.

IMF's executive board will consider the proposed arrangement in the coming days, according to the statement.

Libertarian president Javier Milei congratulated his Economy Minister Luis Caputo on X after the deal was announced.

(Reporting by Walter Bianchi; Writing by Aida Pelaez-Fernandez; Editing by Anthony Esposito and Shri Navaratnam)

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