WASHINGTON/BUENOS AIRES (Reuters) – Argentina’s government is close to a financing agreement with the International Monetary Fund and news is expected in the coming hours, Treasury Minister Nicolas Dujovne said on Thursday.
“I can’t say for sure it will be today, but I can say we are very close,” Dujovne told reporters. “We are working on the final details and hope to have them in coming hours.”
Argentina requested IMF assistance on May 8 after its peso currency weakened sharply in an investor exodus from emerging markets. The IMF has said the South American country requested an exceptional access standby agreement that would be worth at least $20 billion, considering Argentina’s IMF quota.
A fund spokesman said earlier on Thursday the IMF board will meet “soon” to discuss Argentina’s request and talks for a deal were “well advanced.”
IMF spokesman Gerry Rice said Fund Managing Director Christine Lagarde would likely meet with Argentine President Mauricio Macri at the G7 summit in Canada, which starts on Friday, though no formal encounter was scheduled.
Local news site Infobae and television channel TN reported the treasury minister and central bank would call a press conference later on Thursday to announce details of the agreement. Treasury ministry and central bank spokesmen said a news conference had not been scheduled.
Rice said the IMF would support Argentina’s economic priorities and help protect the country’s poor.
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Source: Investing.com
