Argentina, IMF To Announce New Credit Agreement Wednesday - Treasury Minister

Argentina, IMF to Announce New Credit Agreement Wednesday - Treasury Minister

Buenos Aires and the International Monetary Fund (IMF) will announce a new credit agreement on Wednesday night, Argentine Minister of the Treasury Nicolas Dujovne said.

MEXICO CITY (Pakistan Point News / Sputnik - 26th September, 2018) Buenos Aires and the International Monetary Fund (IMF) will announce a new credit agreement on Wednesday night, Argentine Minister of the Treasury Nicolas Dujovne said.

Dujovne met IMF head Christine Lagarde on Tuesday.

"The fund is now finishing checking the proposal. Tomorrow [on Wednesday], it will be put up for formal discussion, and, if nothing extraordinary happens, we will be able to announce it tomorrow night," the minister said, as quoted by the Infobae outlet.

The Argentine treasury minister believes that the new credit will allow country to pay off its debts in 2019-2020.

Argentine peso has fallen by more than 45 percent against US Dollar since the beginning of the year. The country's Currency further tumbled on Tuesday as central bank head Luis Capito resigned for personal reasons.

In late June, the IMF approved a $50 billion credit for Argentina, allowing the country to receive $15 billion as the first tranche, while the remaining $35 billion would be available throughout the duration of the agreement based on quarter reports.