WASHINGTON (Pakistan Point News / Sputnik - 05th September, 2018) The International Monetary Fund (IMF) and Argentina reached a progress in the talks on the fund's financial aid to the Latin American state, IMF Managing Director Christine Lagarde said in a statement after the talks with Argentine Economy Minister Nicolas Dujovne and Central Bank Deputy Governor Gustavo Canonero.
"Minister Dujovne, Deputy Governor Canonero, and I met today to initiate discussions about how the Fund can best support Argentina in the face of renewed financial volatility and a challenging economic environment. We made progress in our meeting and we will be working together to further strengthen the Argentine authorities' IMF-backed program. Our discussions will now continue at a technical level and, as stated before, our common objective is to reach a rapid conclusion to present a proposal to the IMF Executive board," Lagarde said.
Argentina is facing a shard economic crisis with the exchange rate of the national Currency, peso, having significantly fallen since the start of the year. In late August, country's President Mauricio Macri said that the country may need the $50 billion package of the IMF aid ahead of the schedule as Argentina could fail to meet its debt obligations for 2019.
