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IMF, Argentina making ‘progress’ in bailout talks

Wednesday, 05 September 2018 5:58 AM [ Last Update: Wednesday, 05 September 2018 6:01 AM ]

The International Monetary Fund (IMF)’s Director Christine Lagarde (R) meets with Argentina’s Economy Minister Nicolas Dujovne at IMF headquarters in Washington, DC, the US, September 4, 2018. (Photo by AFP)

The International Monetary Fund (IMF) says it is making progress with Argentina toward securing a bailout for the crisis-hit Latin American country.

IMF Managing Director Christine Lagarde, who met with Argentina’s visiting Argentine Finance Minister Nicolas Dujovne and Central Bank Deputy Governor Gustavo Cañonero on Tuesday, said they made rapid progress in securing the requested $50-billion loan for the country.

She added that the talks would continue on Wednesday “at a technical level.”

“Our discussions will now continue and, as stated before, our common objective is to reach a rapid conclusion to present a proposal to the IMF Executive Board,” Lagarde said.

Argentine officials are in pursuit of securing a loan to free the nation from cyclical financial crises that have hit the country every decade over the past 60 years.

The meeting with Lagarde came a day after Argentine President Mauricio Macri announced a series of “emergency” austerity measures in order to weather the financial storm.

PressTV-Argentina government moves to prop up national currency

President Mauricio Macri reduces the number of ministries by half and increases taxes to save the peso falling further against the dollar.

Macri on Monday also spoke by telephone with US President Donald Trump in an apparent attempt to seek White House help in talks with the US-based IMF.

“President Trump expressed strong support for President Macri’s efforts to transform Argentina’s economy,” the White House said in a statement.

The US government has influence over IMF decisions with a 16.5 percent share of its board votes.

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