The IMF approved new loans to Argentina.
The International Monetary Fund’s executive board formally approved resumption of a $1.42-billion standby loan program, a monetary sources said. New loans, needed by Argentina to meet $4.5 billion in debt service payments due this year, have been on hold since March because of Argentine failure to pursue economic austerity policies required by the IMF. Sources said the IMF would transfer about $235 million to Argentina in mid-August and a similar amount in September.
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