IMF board approves new $20b Argentina bailout

WASHINGTON, Apr 12 (AFP): The International Monetary Fund on Friday approved a new four-year $20 billion bailout for Argentina to support President Javier Milei's aggressive efforts to revive the fortunes of the Latin American country.

"The program is expected to help catalyze additional official multilateral and bilateral support, and a timely re-access to international capital markets," the IMF said in a statement.

The executive board's decision makes an initial disbursement of $12 billion immediately available to Argentina, with the first review of the programme scheduled for June this year.

"Today our Board approved a new program for Argentina in recognition of the impressive progress in stabilizing the economy," IMF Managing Director Kristalina Georgieva wrote in a social media post on X shortly after the board's decision was published.

"It is a vote of confidence in the Government's determination to advance reforms, foster growth & deliver higher standards of living for the Argentine people," she added.

The new agreement marks a big win for Milei, Argentina's populist self-described "anarcho-capitalist" president, who has built close ties to senior officials in Donald Trump's orbit, including the billionaire Elon Musk.