22:11 GMT +325 September 2018
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    IMF Managing Director Christine Lagarde arrives for the IMFC Plenary Session during the IMF and World Bank Group 2016 Spring Meetings on April 16, 2016 in Washington, DC

    IMF, Buenos Aires Reach Progress in Talks on Providing Aid to Argentina

    © AFP 2018 / MOLLY RILEY
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    WASHINGTON (Sputnik) - The International Monetary Fund (IMF) and Argentina reached a progress in the talks on the fund's financial aid to the Latin American state, IMF Managing Director Christine Lagarde said in a statement after the talks with Argentine Economy Minister Nicolas Dujovne and Central Bank Deputy Governor Gustavo Canonero.

    “Minister Dujovne, Deputy Governor Canonero, and I met today to initiate discussions about how the Fund can best support Argentina in the face of renewed financial volatility and a challenging economic environment. We made progress in our meeting and we will be working together to further strengthen the Argentine authorities’ IMF-backed program. Our discussions will now continue at a technical level and, as stated before, our common objective is to reach a rapid conclusion to present a proposal to the IMF Executive Board,” Lagarde said.

    Nicolas Dujovne expressed his satisfaction with the Tuesday talks with Christine Lagarde on the financial aid.

    “That was a very good meeting” Dujovne told reporters without going into details about the date and the size of the possible IMF package of aid.

    READ MORE: Argentina to Revise Economic Plan, Focus on Shifts in Financial Markets — IMF

    Argentina is facing a shard economic crisis with the exchange rate of the national currency, peso, having significantly fallen since the start of the year. In late August, country's President Mauricio Macri said that the country may need the $50 billion package of the IMF aid ahead of the schedule as Argentina could fail to meet its debt obligations for 2019.

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    financial aid, International Monetary Fund, Christine Lagarde, Argentina
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