May 18, 2018 / 5:45 PM / a year ago

Argentina requests exceptional access standby arrangement

BUENOS AIRES, May 18 (Reuters) - International Monetary Fund Managing Director Christine Lagarde has conveyed to the IMF board the Argentine authorities’ intention to request an exceptional access standby arrangement, she said in a statement on Friday.

An exceptional access program is an IMF financing program worth anything above 145 percent of a country’s IMF quota per year or 435 percent over the life of the program.

An IMF quota is the value of a country’s share in the IMF financing system, tied to its impact in the world economy. Argentina’s government requested IMF financing earlier this month after a run on the peso currency. (Reporting by Caroline Stauffer, Rodrigo Campos and Maximiliano Rizzi; Editing by Bernadette Baum)

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