Remember meForgot password?
    Log in with Twitter

article imageIMF, Argentina 'close to the finish line' for new loan agreement: Lagarde

By AFP     Sep 25, 2018 in Business

Argentina and the International Monetary Fund are closing in on the end of talks for a new crisis loan agreement, the fund's Managing Director Christine Lagarde said Tuesday.

Word of progress in the talks came amid tumult in Buenos Aires, with the country paralyzed by a general strike and the president of the country's central bank abruptly resigning for "personal reasons."

In June, the IMF and President Mauricio Macri's government reached an agreement on a three-year, $50 billion loan to stem a currency crisis that has seen the peso nosedive by 50 percent against the dollar this year.

An initial $15 billion tranche was received in June, but Macri has since asked for a more rapid disbursement.

He also announced on Monday that Argentina would receive even more funding from the IMF but vowed that his country would not default.

IMF chief Lagarde said on Twitter that she had "a very good meeting" with Macri on the sidelines of the UN General Assembly in New York.

"We are close to the finish line in terms of reaching a revised staff-level agreement between Argentina and the IMF, which will be subject to approval of our executive board," Lagarde said.

Earlier in the day, the country's beleaguered currency was hit by the news that Luis Caputo had been replaced by Guido Sandleris as central bank chief, sending the peso plunging by more than two percent.

The IMF seemed to approve of the change, with spokesman Gerry Rice expressing the desire to continue its "close and constructive relationship" with Argentina's central bank.

More about Imf, Economy, Argentina, Loans
More news from
Latest News
Top News