IMF Takes Harder Stance on Argentina's $44B Loan Program, Citing Depleted Reserves and Currency Mismanagement
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IMF has hardened its view on how Argentina is running its $44B loan program that has gone off track.
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Concerns were raised at Oct 30 IMF board meeting about Argentina's fast burning of reserves since last review.
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IMF board talked of Argentina's "mismanagement" vs "slippages" or "underperformance" used before.
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IMF says Argentina's policies don't align with program due to depleted reserves and overvalued currency.
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Argentina has intervened heavily in FX market, with $2.7B spent in last 3 months amid election.