IMF agrees to release $7.5 billion to cash-strapped Argentina as its economy reels from drought

BUENOS AIRES, Argentina (AP) — The International Monetary Fund says it reached an agreement with Argentina that would open the door for the cash-strapped South American country to receive $7.5 billion over the next few months. The agreement still needs approval from the IMF Executive Board, which is scheduled to meet in the second half of August. The international financial organization said Friday that the deal officially combines the fifth and sixth reviews of a 30-month, $44 billion Argentina loan program that was agreed to in 2022. That means Argentina won’t have to go through another review process before the country’s October presidential election. The next review now is set to take place in November.