Buenos Aires/Washington — Argentina secured a $50bn stand-by arrangement from the International Monetary Fund (IMF) to help restore investor confidence as the government takes aim at double-digit inflation and a widening budget deficit. The rescue programme’s size, which would run for 36 months, is the largest ever in IMF history, although it will depend on how much the government taps. It comes amid an emerging-market sell-off that has shaken developing economies around the world, including Brazil, Turkey, Indonesia and Mexico and has forced central banks to raise interest rates. Officials are worried about the risk of contagion amid rising US interest rates and a strong dollar. With the Federal Reserve tipped to raise rates when it meets next week, central bank governors of India and Indonesia this week called on the Fed to be mindful of its actions. Of the economies that have been hit hardest, Argentina tops the list. It has indicated it plans to draw on the first tranche of the ...

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