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ECONOMY | 17-09-2018 11:57

IMF making 'important progress' on new Argentina crisis-loan deal

Negotiations in Buenos Aires continue to work to agree on a new package of measures that would allow rapid approval by the board of the lending institution, the IMF said in a statement.

International Monetary Fund (IMF) officials are "making important progress" on a new crisis loan deal for Argentina, officials from the institution said Monday.

Negotiations in Buenos Aires continue to work to agree on a new package of measures that would allow rapid approval by the board of the lending institution, the IMF said in a statement.

The IMF and Buenos Aires agreed in June on a three-year, US$50-billion rescue lending program but President Mauricio Macri's administration has since asked for a more rapid disbursement.

The IMF mission team has held meetings with Macri's economic team and Central Bank officials in Buenos Aires over the past week and "important progress is being made toward strengthening Argentina's economic policy plan, supported by a Stand-By Arrangement with the IMF," the statement said.

"We are working hard to conclude these staff-level talks in short order and present a proposal to the IMF Executive Board."

Buenos Aires has received US$15 billion so far but any changes will require the approval of the IMF board.

Economy Minister Nicolás Dujovne has denied that Buenos Aires is seeking additional funding beyond the amount already agreed to.

The government is under increasing pressure as the peso has plunged – despite intervention from the central bank – and the recession worsens.

And he is facing growing opposition from the public for seeking help from the IMF, which has a bitter history in the country and is blamed for past economic woes.

- AFP

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