IMF TEAM IN BUENOS AIRES TO DISCUSS CRISIS LOAN PACKAGE FOR ARGENTINA
Last Updated: 2018-09-14
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BUENOS AIRES, Sept 14 (NNN-MERCOPRESS) -- Officials from the International Monetary Fund (IMF) have arrived here for talks to strengthen and accelerate a crisis loan package to Argentina, the global lender says.

The IMF and Argentina agreed in June on a three-year, 50 billion US dollars rescue lending programme but Argentina has since asked for a more rapid disbursement. The crisis-hit country has so far received 15 billion USD but any further disbursement will require the approval of the IMF board.

“An IMF team led by Mr. Roberto Cardarelli is currently in Buenos Aires to continue discussions with the Argentine authorities to further strengthen Argentina's IMF-backed program” an IMF spokesman said in a statement.

“Fund staff will be working intensively, in collaboration with the government, to identify how the IMF can best support Argentina in the face of renewed financial volatility and a challenging economic environment.”

Argentina's Finance Minister Nicolas Dujovne has denied that Buenos Aires is seeking additional funding beyond the amount already agreed to.

President Mauricio Macri is under increasing pressure as the value of 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 the economic woes. -- NNN-MERCOPRESS