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Argentina, IMF reach accord on higher borrowing limits

Argentina has reached agreement with the International Monetary Fund to raise its borrowing limit, but bankers say economic growth - its security for a bigger overdraft - will be difficult to achieve.

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The agreement, reached after 10 months of negotiations, still has to be formally approved by the fund's board of directors. It is vital for rescheduling Argentina's $44.4 billion debt and obtaining more credit, and will last 15 months. It provides for an IMF loan of 1.42 billion special drawing rights (SDRs), the equivalent of $1.4 billion.