BUENOS AIRES – Argentina’s Vice President Gabriela Michetti defended on Friday before business leaders from Argentina and Brazil her government’s decision to enter talks with the International Monetary Fund on financial support.
“To continue our economic policies, we decided to begin talks with the IMF to establish a preventive financial support agreement,” Michetti said during the inauguration of the second Argentina-Brazil International Leaders Seminar in Buenos Aires.
After the country experienced strong financial turbulences in early May, including a sharp slide in the value of the Argentine peso, the government of President Mauricio Macri began talks with the IMF to negotiate a stand-by credit line.
The IMF has avoided commenting on the credit line, which analysts have estimated to amount to some $30 billion.
The vice president said the government is “aware that we live in uncertain times and that, faced with currency instability, protective measures must be carried out that would otherwise not have taken place.”
Michetti said that the policies established by President Macri since he was sworn in in 2015 “have been yielding results,” with seven consecutive quarters of economic growth and a 2.9 percent rise in GDP in 2017.