WASHINGTON (Sputnik) - The United States welcomes the robust monetary policy changes in Argentina’s new agreement with the International Monetary Fund (IMF) and supports President Mauricio Macri in his efforts to fight inflation, US Treasury Secretary Steven Mnuchin said in a press release.
Earlier in the day, the IMF in a statement said it had reached an agreement with Argentina's authorities to increase funding to the Southern American country under the Stand-By Arrangement (SBA) from $50 billion to $57 billion through 2021.
"We welcome the strong monetary and fiscal policy adjustments proposed by the Argentine government in its new staff-level agreement with the International Monetary Fund," Mnuchin said on Wednesday. "We strongly support President Macri’s enhanced policy efforts and the new monetary policy initiative aimed at lowering interest rates and inflation and placing the Argentine economy on a path of sustainable growth."
Argentina is facing a harsh economic crisis with the exchange rate of the national currency, peso, having fallen about 45 percent since the start of the year. In late August, Macri said that the country might need the $50 billion package of the IMF aid ahead of schedule as Argentina could fail to meet its debt obligations for 2019.