Buenos Aires — The International Monetary Fund’s (IMF’s) executive board approved a $56.3bn credit line for Argentina, clearing the way for the embattled South American economy to receive a larger amount of funding at a faster pace than originally negotiated. The board’s sign-off Friday ratified a revised agreement announced in September. Under the new deal, Argentina will receive about $35.8bn throughout the remainder of this year and all of 2019, representing nearly a $19bn increase from the original arrangement negotiated in June. It already received $15bn in June. The remainder of the funds are slated for 2020 and 2021. South America’s second-largest economy has been battered by a plunge in its currency, surging inflation and prospects of back-to-back years of recession. In exchange for the funds, Argentine President Mauricio Macri has pledged to balance the government budget in 2019, a year earlier than previously expected. That will be no small task for policymakers targeting ...

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