|
|
|
|
Search: 
Latin American Herald Tribune
Venezuela Overview
Venezuelan Embassies & Consulates Around The World
Sites/Blogs about Venezuela
Venezuelan Newspapers
Facts about Venezuela
Venezuela Tourism
Embassies in Caracas

Colombia Overview
Colombian Embassies & Consulates Around the World
Government Links
Embassies in Bogota
Media
Sites/Blogs about Colombia
Educational Institutions

Stocks

Commodities
Crude Oil
US Gasoline Prices
Natural Gas
Gold
Silver
Copper

Euro
UK Pound
Australia Dollar
Canada Dollar
Brazil Real
Mexico Peso
India Rupee

Antigua & Barbuda
Aruba
Barbados
Cayman Islands
Cuba
Curacao
Dominica

Grenada
Haiti
Jamaica
Saint Kitts and Nevis
Saint Lucia
Saint Vincent and the Grenadines

Belize
Costa Rica
El Salvador
Honduras
Nicaragua
Panama

Bahamas
Bermuda
Mexico

Argentina
Brazil
Chile
Guyana
Paraguay
Peru
Uruguay

What's New at LAHT?
Follow Us On Facebook
Follow Us On Twitter
Most Viewed on the Web
Popular on Twitter
Receive Our Daily Headlines


  HOME | Argentina

Argentina Asks IMF for Stand-By Financial Agreement to Alleviate Crisis
IMF Director Christine Lagarde said she met Argentine Finance Minister Dujovne “to discuss how the IMF can best help the authorities strengthen the Argentine economy in light of renewed and significant financial market volatility”

WASHINGTON – Argentina formally asked the International Monetary Fund on Thursday for a Stand-By financing agreement to deal with the crisis caused by the abrupt depreciation of the peso.

“(Argentine Finance) Minister Dujovne and I met today to discuss how the IMF can best help the authorities strengthen the Argentine economy in light of renewed and significant financial market volatility,” said IMF Director Christine Lagarde in a statement made public following her meeting with Dujovne.

“I stressed my strong support for Argentina’s reforms to date, and expressed the Fund’s readiness to continue to assist the government. Minister Dujovne has requested that our teams work together toward a high access Stand-By Arrangement in support of the authorities’ comprehensive economic program,” Lagarde added, although she did not mention the size of the loan program.

Analysts, however, have placed the requested financing at around $30 billion, the disbursement of which would be conditioned on fulfilling certain macroeconomic objectives.

This type of credit arrangement is the most common granted by the IMF, but it implies a more significant intervention by the institution in the recipient nation’s economic policies than the alternative, a Flexible Credit Line.

Lagarde said that her meeting with Dujovne was “a timely opportunity for (him) to reaffirm the (Argentine) government’s economic priorities and plans, and for me to hear how best the IMF can support the government’s important efforts.”

“I have briefed the IMF’s Executive Board on the progress we have made and I have instructed the IMF team to continue discussions toward a Fund-supported program,” Lagarde added.

Despite the fact that no information was provided about the next meeting to discuss the matter, expectations are that the two parties will meet again in the coming weeks to discuss the details of an agreement.

Dujovne’s lightning visit to Washington comes after on Tuesday Argentine President Mauricio Macri announced that he had initiated conversations with the IMF to obtain “financial support” with an eye toward avoiding a new “crisis.”

 

Enter your email address to subscribe to free headlines (and great cartoons so every email has a happy ending!) from the Latin American Herald Tribune:

 

Copyright Latin American Herald Tribune - 2005-2019 © All rights reserved