Argentina to Get Cash Aid from IMF

Part of a financial aid package led by the International Monetary Fund to inject liquidity into Argentina’s indebted economy will be in cash, a senior Economy Ministry official said. The aid hinges on Latin America’s largest foreign borrower imposing spending caps for five years, ending public pensions and raising women’s retirement age to 65 to narrow the chronic gap between government income and spending that threatens Argentina’s ability to pay back its debt. Argentina, whose economy has suffered two years of recession and stagnation, has been unable to obtain credit on international markets for weeks and has been paying sky-high rates in the domestic market to get financing. Argentine officials had said they planned to use the IMF-led aid package as a contingency credit line to provide funds in case of an emergency.