ARGENTINA on Friday received $15 billion, the first tranche of $50 billion loan, from the International Monetary Fund to help stabilize its fragile economy, the South American nation's central bank said.

Following a currency crisis in April and May, the IMF announced the $50 billion standby loan in early June after Latin America's third largest economy sought help to bolster market confidence.

The peso plunged to a record low this month, and since the start of the year the currency has dropped more than 30 percent  against the dollar.

On Wednesday the Washington-based IMF approved $50 billion aid package. The said the first $15 billion will contribute to budget support while the $35 billion balance will be ''precautionary'' .

The fund said its assistance would back efforts Buenos Aires to put public debts on a sustainable path, reduce the need for financing tackle inflation while strengthening the central bank's  independence, while maintaining social spending.

Argentina has a bitter history with the global crisis lender, which many Argentines view as having imposed tough conditions that worsened economic pain 17 years ago [Agencies].


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