The IMF approved a new loan package for Chile.
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The International Monetary Fund announced an $821-million funding program for the South American nation in a move to help the military government of President Augusto Pinochet keep up payments on its $21-billion debt. Much of the total is owed to U.S. banks. About $71 million of the new money is being provided because of the drop in prices for copper, Chile’s chief export. In return, Chile has promised to impose domestic austerity measures.
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