Argentina is facing a serious economic crisis
At a time when Argentina was facing a prolonged economic crisis, the International Monetary Fund approved a loan to the South American nation of US$7.5 billion. teleSUR
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00:00 The International Monetary Fund has approved a $7.5 million loan to Argentina as the South
00:05 American country grapples with a prolonged economic crisis.
00:09 The announcement was made on Wednesday by its spokesperson for the economy, Mr. Zahir
00:14 Massa.
00:15 The agreement combines the fifth and sixth reviews of an existing 30-month IMF program
00:20 in a move that the IMF staffed so last month would help support Argentina's very challenging
00:25 economic situation.
00:27 Argentina's World Bank approved a new budget for the South American country worth around
00:32 $650 million, which are targeted as increased assets to finance for climate change mitigation
00:38 and adaptation and threatening food programs.
00:42 Argentina is grappling with a severe economic crisis that has seen the inflation rates soar
00:46 above 100 percent and poverty levels climb up to 40 percent.
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