Argentina seeks $20 billion IMF loan

Argentina has sought a $20 billion loan from the International Monetary Fund (IMF), the country's economy minister said Thursday, as the government struggles to maintain foreign reserves while propping up an ailing currency.

In addition to the $20 billion IMF request, Luis Caputo announced that Argentina was negotiating an additional package with other organizations such as the World Bank and the Inter-American Development Bank (IDB) to strengthen its reserves. 

President Javier Milei's government released the preliminary agreement figure amid a run on the peso that drained reserves by more than $1.2 billion last week. The proposal must now be approved by the IMF board.