Buenos Aires Times

economy TREASURER DUJOVNE IN WASHINGTON

In “stand by” financing talks, IMF's Lagarde says ready to assist Argentina

Argentina is seeking a high access “stand by” financing arrangement which would provide funds above the normal loan amount, but officials have not said how much they are requesting.

Friday 11 May, 2018
Argentina's Treasurer Nicolás Dujovne with IMF chief Christine Lagarde during
Argentina's Treasurer Nicolás Dujovne with IMF chief Christine Lagarde during "stand-by" financing negotiations in Washington, May 2018. Foto:Télam

More Argentina News

International Monetary Fund chief Christine Lagarde said Thursday she is ready to aid Argentina and wants talks on a financing package to be finalised quickly.

Argentina is seeking a high access “stand by” financing arrangement which would provide funds above the normal loan amount, but officials have not said how much they are requesting.

Lagarde said she instructed the IMF team to continue discussions on a loan program with the goal to “reach a rapid conclusion”.

“I stressed my strong support for Argentina's reforms to date, and expressed the Fund’s readiness to continue to assist the government”, she said in a statement following her meeting with Argentina Economy Minister Nicolas Dujovne. 

Despite the reform efforts, the country once again finds itself facing a falling currency, high debt and soaring inflation. Recent market turbulence has rocked Latin America's third-largest economy, prompting President Mauricio Macri to announce Tuesday that he would request IMF help as a “preventative” measure.

Lagarde said she and Dujovne discussed “how the IMF can best help the authorities strengthen the Argentine economy in light of renewed and significant financial market volatility”.

Dujovne also met Thursday with US Treasury Under Secretary for International Affairs David Malpass, who “reiterated strong support for the Macri administration’s market-oriented reform programme”.

Treasury said in a statement that he welcomed the talks with the IMF. US support is key since it holds veto power in the IMF.

Argentina is seeking a high access “stand by” financing arrangement which would provide funds above the normal loan amount, but officials have not said how much they are requesting.

-TIMES/AFP

Poll

Op-Ed

Top Stories

  1. 1Norwegian Air Argentina workers granted permission to form unionNorwegian Air Argentina workers granted permission to form union
  2. 2Economy set for slow recovery in 2019, experts say
  3. 3Supreme Court orders government to pay 15 billion pesos to San Luis province
  4. 4Emiliano Sala: human tragedy sparks unsavoury legal wrangle
  5. 5Heat warning issued, with temperatures set to hit 37 degrees
  6. 6Activists reiterate call for legal abortion in first pañuelazo of 2019
  7. 7Cannabis flowers into a regional economic model
  8. 8The fight against corruption in Argentina
  9. 9Caught in the crossfire
  10. 10IMF: Argentina's recession to continue in 2019 with 1.7% slump