IMF's $3 billion tranche to Argentina on hold as talks go on

A $3 billion payment that the IMF had been expected to disburse to Argentina this month under its standby financing deal has been postponed while the government renegotiates the terms of the agreement, an Economy Ministry source said on Friday. The payment "has been halted until new terms are reached," said the source, who had asked not to be named for lack of permission to speak to the press about ongoing negotiations with the International Monetary Fund.
The local peso currency has lost more than half its value against the US dollar this year as concerns swirled over the government's ability to pay its debt obligations next year. The currency closed almost unchanged at 39.87 to the greenback on Friday, marking a 7.25 percent loss for the week.