According to reporting by Reuters, Crisis-weary Argentina is hoping that the International Monetary Fund (IMF) will be able to throw the Argentine government a lifeline and make concessions to their already-standing deal as Argentina struggles to claw their way out of an economic hole.
Key quotes
“Economy Minister Nicolas Dujovne met IMF chief Christine Lagarde in Washington and both said they were working together to improve a $50 billion standby finance deal agreed with the IMF’s executive board in June.
“We are trying to get it voted on by the (IMF) board …. in the second half of September,” Dujovne said after the meeting. He said the two sides still needed to work out the details of a proposal, and declined to give details about what that might look like.
An IMF spokesman said it was unclear when the IMF board would be able to vote on potential changes to the Argentina program. The board had planned to review the previous deal’s progress this month. But the status of that meeting is now uncertain because of the negotiations with Dujovne’s team.
Argentina is struggling to break free from cyclical financial crises that have hit the country every decade over the past 60 years.”
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