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World Bank approves $500 million loan to boost Argentina economy

BUENOS AIRES, July 11 (Reuters) - The World Bank said on Thursday it approved a $500 million loan to Argentina, the second disbursement of a billion-dollar financing package it announced last year, the latest foreign cash injection for the country's flailing economy.

The aim of the financing package, approved in November 2018, is to help Argentina cover budget needs and contribute funds to a social program for children living in poverty, the bank said in a statement.

Argentina, Latin America's third-largest economy, is struggling with economic turmoil that saw the peso currency tumble against the dollar and annual inflation climb above 50%.

The new loan has a grace period of seven years and is repayable over 32 years.

(Reporting by Eliana Raszewski; Writing by Cassandra Garrison; Editing by Peter Cooney)