World Bank to announce $12 billion financing package for Argentina, source says
The World Bank is poised to announce a $12 billion financing package for Argentina on Friday, supplementing the International Monetary Fund's expected approval of a $20 billion Argentina loan deal, a source with knowledge of the plan said.
The Inter-American Development Bank also is expected to announce its own Argentina financing package, a second source said after Argentina's central bank announced on Friday that it will ease its foreign exchange market controls, allowing the peso to freely fluctuate within a moving band of between 1,000 and 1,400 pesos per dollar.
The move to tear down Argentina's strict capital controls was seen as prerequisites to unlocking new financing from the institutions, which are expected to be announced together with the IMF approval.
Source: Reuters
