Argentina to get $9.8B under IMF extended fund facility

• Argentina will get about $9.8B of funding from the International Monetary Fund once a larger $45B agreement is approved by the country's government and the IMF executive board, the IMF said.
• "IMF staff and the Argentine authorities have reached a staff-level agreement on the economic and financial policies to be supported by a 30-month Extended Fund Facility Arrangement," the IMF said in a statement.
• The facility is intended to address Argentina's "most pressing economic challenges and to enhance the prospects of all Argentines by implementing measures designed to promote growth and protect essential social programs," it said.
• The country would receive additional amounts each time it passes a review by the IMF. There are 10 reviews in total.
• The agreement spells out in detail a plan to strengthen Argentina's macroeconomic stability, improve its public finances, and provide a new monetary policy framework intended to "promote a steady decline in inflation over time."
• "In addition, the program will include elements to enhance growth and resilience through policies to mobilize domestic savings, further strengthen governance and transparency, and promote labor, gender and financial inclusion," the IMF said.
• Global X MSCI Argentina ETF (NYSEARCA:ARGT) falls 1.8% in late Friday trading.
• In 2019, Argentina's reserve sales exceeded IMF's limit set under a $57B standby agreement.