Worldwide Monetary Fund authorities are "gaining vital ground" on another emergency credit bargain for disturbed Argentina, which keeps on observing its money decay, the reserve said Monday.
The group in Buenos Aires proceeds with work to concur on another bundle of measures that would permit quick endorsement by the leading group of the loaning organization, the IMF said in an announcement.
The IMF and Buenos Aires concurred in June on a three-year, $50 billion safeguard loaning program however Argentina has since requested a more quick payment.
The IMF mission has held meetings with the economic team and central bank 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 $15 billion so far but any changes will require the approval of the IMF board.
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 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.
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