Argentina wins repayment extension from IMF

New York, May 18 - The International Monetary Fund approved a one-year extension for Argentina's debt repayments over the coming year.

The repayments total about $2.5 billion (SDR 1.68 billion) and were previously due between May 20, 2005 and April 28, 2006. All payments have been moved back by one year.

The IMF said the extension was in line with its policy of giving countries more time when their external position is not sufficiently strong to repay early "without undue hardship or risk."

Argentina's extension was based on this test, not an assessment of its economic program, the IMF said.

The IMF added that many executive directors are looking forward to discussing Argentina's economic policies at upcoming consultations.

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