May 7, 2020 / 6:46 PM / a month ago

Argentina to get $1.8 bln from IDB this year to combat effects of pandemic

BUENOS AIRES, May 7 (Reuters) - Argentina will get $1.8 billion in loans from the Inter-American Development Bank (IDB) this year to help the country create jobs and provide medical care to victims of the coronavirus pandemic, the government said in a statement on Thursday.

The loan package was announced by IDB chief Luis Alberto Moreno during a video-conference earlier in the day with Argentine leader Alberto Fernandez, who thanked him “for the support of the IDB at this difficult time while we focus on health, social and economic issues.”

It will be the largest amount of assistance from the multilateral lender to Argentina in the last 10 years. The money will come as a relief to the cash-strapped country as it tries to restructure about $65 billion in “unsustainable” bonds and other debt incurred by the previous administration.

The Argentine economy, already in recession before the virus struck early this year, has been stomped on by a lockdown called on March 20 to combat the spread of the disease. There have been 5,208 confirmed cases in Argentina so far, 273 of them fatal.

Reporting by Eliana Raszewski, writing by Hugh Bronstein, editing by Giles Elgood

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below