Argentina and IMF reach deal for $57b to halt slide of peso

NEW YORK/BUENOS AIRES - The International Monetary Fund on Wednesday increased its three-year lending program with Argentina by $7 billion to $57 billion, on the condition that the central bank halted full-scale interventions to support the ailing peso.

IMF Managing Director Christine Lagarde, speaking at a news conference in New York alongside Argentine Economy Minister Nicolas Dujovne, said the Fund was "significantly frontloading" disbursements under the program. It will boost the financing available through the end of next year by $19 billion, she said, adding that the aim of the program was to help Argentina "tackle the challenges it faces" and support the "most vulnerable people in society".

Argentina has been at the center of emerging market turmoil this year after a drought plunged Latin America's third-largest economy into recession.