The executive board of the International Monetary Fund completed on Friday the first review of its $44 billion Extended Fund Facility for Argentina, its managing director said.
The approval allows for the disbursement of about $4 billion.
Kristalina Georgieva said on Twitter the approval marked the conclusion of an initial step under the program to support the country’s “ongoing economic recovery and strengthen stability.”
A source familiar with the matter had previously confirmed the information to Reuters.
The IMF announced on June 8 that it had reached a staff-level agreement on an updated macroeconomic framework with authorities in Argentina – the fund’s biggest debtor. It said at the time that “all quantitative program targets” for the first quarter of the year had been met.
Neither the IMF nor Argentine authorities replied to requests for comment.
On Tuesday, Argentina’s government approved two payments to the IMF for some $2.75 billion.
(Reporting by Jorgelina do Rosario in London Additional reporting by Rodrigo Campos in New York and Nicolas Misculin in Buenos Aires Editing by Leslie Adler and Matthew Lewis)