Argentina’s $20 billion extended financial facility arrangement is approved by the IMF

The International Monetary financial announced on Friday that its board has approved the immediate disbursement of $12 billion and a 48-month, $20 billion extended financial facility agreement for Argentina.

To strengthen its foreign exchange reserves and lift capital controls, Argentina needs the money.

Argentina is already the greatest debtor to the IMF, and this approved Extended Fund Facility is its 23rd program with the organization.