The International Monetary Fund gave Argentina breathing room on a key benchmark after it missed the target this month, making it easier for the country to continue with its US$20-billion funding programme. Argentina will now need to raise net hard-currency reserves to negative US$2.6 billion by the end of this year to unlock the next tranche of IMF funds, about US$5 billion lower than the earlier target. The figure is currently at negative US$6.4 billion, in part because of a sovereign bond payment last month.
SOURCE: BUENOS AIRES TIMES