Currency exchange values are seen in the buy-sell board of a bureau de change in the financial district of Buenos Aires. (Photo: AFP)

Following a currency crisis in April and May, the IMF announced the $50 billion standby loan in early June after Latin America's third largest economy sought help to bolster market confidence.

The peso plunged to a record low this month, and since the start of the year the currency has dropped more than 30 percent against the dollar.

On Wednesday the Washington-based IMF approved the $50 billion aid package. It said the first $15 billion will contribute to budget support while the $35 billion balance will be "precautionary."

The fund said that its assistance would back efforts by Buenos Aires to put public debts on a sustainable path, reduce the need for financing and tackle inflation while strengthening the central bank's independence, while maintaining social spending.

Argentina has a bitter history with the global crisis lender, which many Argentines view as having imposed tough conditions that worsened economic pain 17 years ago. (Source: AFP)