Image copyright AFP Image caption Argentina's president spoke on television in an address to the nation

Argentina is to start talks about a financing deal with the International Monetary Fund (IMF) on Wednesday amid reports it is seeking $30bn (£22bn).

Finance minister Nicolas Dujovne is due to fly to the IMF's Washington offices.

After recent turmoil that saw interest rates hit 40%, President Mauricio Macri said IMF aid would "strengthen growth" and help avoid crises of the past.

The talks come 17 years after Argentina defaulted on its debts and 12 years since it severed ties with IMF.

Mr Macri said in an address to the nation on Tuesday: "Just a few minutes ago I spoke with (IMF) director Christine Lagarde, and she confirmed we would start working on an agreement."

"This will allow us to strengthen our program of growth and development, giving us greater support to face this new global scenario and avoid crises like the ones we have had in our history," he said.

Local media and Bloomberg reported that Argentina was seeking $30bn, although the government declined to comment.

The peso has lost a quarter of its value in the past year amid President Macri's pro-market reforms.

Last week the central bank raised interest rates from 33.25% to 40%.

Many people still blame IMF austerity requirements for policies that led to a financial and economic meltdown in 2001 to 2002 that left millions of middle class Argentines in poverty.

Argentina eventually defaulted on its debts. And although its last IMF loan was paid down in 2006, the country severed ties with the Washington-based body.

Reforms

Mr Macri said Argentina was suffering as a result of high oil prices and the expectation that US interest rates would rise in the coming months.

Describing Argentina as a "valued member" of the IMF, Ms Lagarde said: "Discussions have been initiated on how we can work together to strengthen the Argentine economy and these will be pursued in short order."

Argentina is in the middle of a pro-market economic reform programme as Mr Macri seeks to reverse years of protectionism and high government spending under his predecessor, Cristina Fernandez de Kirchner.

Inflation, a perennial problem in Argentina, was at 25% in 2017, behind Venezuela as the highest in Latin America.

This year, the central bank has set an inflation target of 15% and has said it will continue to act to enforce it.

Last week's rate rise to 40% was the third increase in eight days in an attempt to boost the peso.

'Avoid crises'

News of the new talks may be controversial in some quarters. Many people in Argentina still blame the IMF for the policies that led to the 2001 financial and economic crisis. The country defaulted on $80bn (£59bn) of sovereign debt - the biggest in history.

Millions of middle class Argentines were plunged into poverty as a result.

However, Mr Macri said the new negotiations with the IMF would give the country "greater support to face this new global scenario and avoid crises like the ones we have had in our history".

Markets reacted positively to the news, with both local shares and the peso recovering some ground.

Miguel Kiguel, a former Argentine finance official who runs local consultancy Econviews, tweeted: "An IMF line of credit is the least expensive option for growth in Argentina."

By Andrew Walker, BBC economics correspondent

Argentina has had a turbulent relationship with the IMF.

In 2013 the country was censured by the Fund over the inflation and economic growth data published by the administration of President Cristina Fernandez de Kirchner. It was a step in a process that could ultimately have led to Argentina's expulsion from the IMF.

Earlier, many had blamed the IMF for contributing to a financial and economic crisis that came to a head around the end of 2001, which set back living standards severely.

Relations have improved under the current president, Mauricio Macri, whose approach to economic policy was much more consistent with that favoured at the IMF.

The prospect of a new IMF loan will test that improvement. It will come with economic policy conditions, including almost certainly spending cuts and tax rises, which are likely to aggravate political strains in Argentina.</s>Argentina's peso rebounded from a record low against the U.S. dollar on Tuesday following a report the Latin American nation could get a credit line from the International Monetary Fund.

Bloomberg News reported that Latin America's third-largest economy could get a $30 billion loan from the IMF. The report — citing a person with direct knowledge on the matter — said that Argentine President Mauricio Macri reached out to the IMF after the peso began to free-fall, affecting other financial markets in the country.

The Financial Times and Reuters also reported that Argentina is seeking a credit line.

IMF Managing Director Christine Lagarde said in a statement on Tuesday that "discussions have been initiated on how we can work together to strengthen the Argentine economy and these will be pursued in short order." Lagarde also said: "I very much welcome President Macri's statement today and look forward to our continuing partnership with Argentina."

The peso traded at 22.4 against the dollar, down about 2 percent, after falling to an all-time low of 23.1. But for the year, the peso is down more than 23 percent against the greenback despite Argentina sporting the highest overnight interest rates in the world.

On Friday, Argentina's central bank hiked rates for the third time in eight days to a whopping 40 percent as it tries to reign in the country's rampant inflation. In March, consumer prices in Argentina rose 2.3 percent, bringing the 12-month inflation rate to 25.4 percent, well above the central bank's 15 percent target.

"Argentina is in a dilemma," wrote Gabriel Gersztein, head of Latin America global markets strategy at BNP Paribas, in a note on April 26. If the central bank "hikes the way it should, the fiscal deficit will increase. … If the monetary authority decides to do nothing and manage expectations through the FX rate, the damage will be done via higher risk premium in the credit spreads of Argentina (lower reserves and higher depreciation expectations)."

The peso's sharp drop also dragged Argentine stocks lower. The Merval index pulled back as much as 5.4 percent before trading 0.8 percent lower.

"There is no silver bullet for managing Argentina's long-standing and conflicting economic and political challenges," Hasnain Malik, head of equity research at Exotix Capital, said in a note.

After years of populism and protectionist policies, "the adjustment is painful and there is no way to keep all of Argentina's economic metrics heading in the right direction," Malik said. "It is this prognosis that has driven our caution on Argentina equities."</s>Argentina is to hold talks with the International Monetary Fund (IMF) about financial backing for the country's volatile economy, according to its president.

Mauricio Macri said the move would help Argentina to "strengthen our programme of growth and development".

The peso has lost a quarter of its value in the past year amid President Macri's pro-market reforms.

Last week the central bank raised interest rates from 33.25% to 40%.

In a recorded television statement, Mr Macri said Argentina was suffering as a result of high oil prices and the expectation that US interest rates would go up in the coming months.

"Just a few minutes ago I spoke with director Christine Lagarde, and she confirmed we would start working on an agreement today."

Describing Argentina as a "valued member" of the IMF, Ms Lagarde said: "Discussions have been initiated on how we can work together to strengthen the Argentine economy and these will be pursued in short order."

Argentina is in the middle of a pro-market economic reform programme as Mr Macri seeks to reverse years of protectionism and high government spending under his predecessor, Cristina Fernandez de Kirchner.

Inflation, a perennial problem in Argentina, was at 25% in 2017, behind Venezuela as the highest in Latin America.

This year, the central bank has set an inflation target of 15% and has said it will continue to act to enforce it.

Last week's rate rise to 40% was the third increase in eight days in an attempt to boost the peso.

News of the new talks may be controversial in some quarters. Many people in Argentina still blame the IMF for the policies that led to the 2001 financial and economic crisis. The country defaulted on $80bn (£59bn) of sovereign debt - the biggest in history.

Millions of middle class Argentines were plunged into poverty as a result.

However, Mr Macri said the new negotiations with the IMF would give the country "greater support to face this new global scenario and avoid crises like the ones we have had in our history".

Markets reacted positively to the news, with both local shares and the peso recovering some ground.

Miguel Kiguel, a former Argentine finance secretary who runs local consultancy Econviews, tweeted: "An IMF line of credit is the least expensive option for growth in Argentina."</s>Argentina opened talks with the International Monetary Fund on Tuesday to seek a financial aid package, 17 years after the country defaulted on its debt and 12 years after cutting ties with the fund.

As a bout of market turbulence rocks Latin America's third largest economy, President Mauricio Macri announced that "as a preventative measure, I have decided to begin discussions with the International Monetary Fund for them to grant us a line of credit."

IMF chief Christine Lagarde said talks will begin soon on ways to shore up Argentina's economy.

She welcomed Macri's statement, saying that "discussions have been initiated on how we can work together to strengthen the Argentine economy and these will be pursued in short order."

After the country's currency fell four percent compared to the US dollar, Macri said in a televised speech he had held his first conversation with Lagarde -- but did not say how big a line of credit Argentina is seeking.

"We are pursuing the only path open to us to emerge from stagnation, seeking to avoid a great economic crisis that will set us back and hurt everyone," he said.

Economy Minister Nicolas Dujovne told reporters it was too soon to talk about the details and conditions "but we have agreed that the IMF will offer financial support to Argentina."

But hearkening back to the bitter relations former governments had with the Washington-based lender, Dujovne said "we're talking with an IMF that is very different than the one we knew 20 years ago."

In January 2006, Argentina paid down its last loan to the IMF and severed relations with the fund, refusing even to allow the regular annual review of economic conditions conducted for all member countries for the next 10 years.

The loans at the time were needed after the country suffered an economic crisis in 2001 that sparked the downfall of four presidents and default on $100 billion in foreign debt.

But Argentines objected to the strict conditions imposed by the IMF in exchange for the lending.

Macri justified the decision to go to the IMF, saying that while the economy had enjoyed favorable conditions during the first two years of his presidency, conditions have changed.

"We are among the countries of the world that are most dependent on foreign financing, a product of the enormous public spending we inherited and are putting in order," he said.

IMF financing would strengthen his "program of growth and development, giving us greater backing to confront this new global scenario and avoid a crisis like those we have had in our history."

After taking office in December 2015, Macri floated the Argentine peso, ending the strict controls in place under the government of Cristina Kirchner.

But the strengthening of the US dollar in recent days has impacted the peso more than other currencies: it dropped 4.61 percent to 23.41 to the dollar in opening trading Tuesday, and strengthened slightly after Macri's speech at 23.06.

Argentina's Central Bank on Friday raised its key interest rate to 40 percent after the peso plummeted in value earlier in the week.

Although the bank's actions appeared to have stabilized the currency on Monday, the peso fell sharply again on Tuesday, prompting a sell-off on the Buenos Aires Stock Exchange.

The Central Bank is supposed to revisit the benchmark rate once again later in the day.

In addition to the weak peso, Argentines are struggling with double-digit inflation, which hit 24.8 percent last year. The government has set an inflation target of 15 percent, which it insists will not change, but the IMF is forecasting a rate of 19 percent this year.

Macri's government last week lowered its target for the fiscal deficit to 2.7 percent of GDP from 3.2 percent.</s>Argentina is to hold talks with the International Monetary Fund (IMF) about financial backing for the country's volatile economy, according to its president.

Mauricio Macri said the move would help Argentina to "strengthen our programme of growth and development".

The peso has lost a quarter of its value in the past year amid President Macri's pro-market reforms.

Last week the central bank raised interest rates from 33.25% to 40%.

In a recorded television statement, Mr Macri said Argentina was suffering as a result of high oil prices and the expectation that US interest rates would go up in the coming months.

"Just a few minutes ago I spoke with director Christine Lagarde, and she confirmed we would start working on an agreement today."

Describing Argentina as a "valued member" of the IMF, Ms Lagarde said: "Discussions have been initiated on how we can work together to strengthen the Argentine economy and these will be pursued in short order."

Argentina is in the middle of a pro-market economic reform programme as Mr Macri seeks to reverse years of protectionism and high government spending under his predecessor, Cristina Fernandez de Kirchner.

Inflation, a perennial problem in Argentina, was at 25% in 2017, behind Venezuela as the highest in Latin America.

This year, the central bank has set an inflation target of 15% and has said it will continue to act to enforce it.

Last week's rate rise to 40% was the third increase in eight days in an attempt to boost the peso.

News of the new talks may be controversial in some quarters. Many people in Argentina still blame the IMF for the policies that led to the 2001 financial and economic crisis. The country defaulted on $80bn (£59bn) of sovereign debt - the biggest in history.

Millions of middle class Argentines were plunged into poverty as a result.

However, Mr Macri said the new negotiations with the IMF would give the country "greater support to face this new global scenario and avoid crises like the ones we have had in our history".

Markets reacted positively to the news, with both local shares and the peso recovering some ground.

Miguel Kiguel, a former Argentine finance secretary who runs local consultancy Econviews, tweeted: "An IMF line of credit is the least expensive option for growth in Argentina."

Argentina has had a turbulent relationship with the IMF.

In 2013 the country was censured by the Fund over the inflation and economic growth data published by the administration of President Cristina Fernandez de Kirchner. It was a step in a process that could ultimately have led to Argentina's expulsion from the IMF.

Earlier, many had blamed the IMF for contributing to a financial and economic crisis that came to a head around the end of 2001, which set back living standards severely.

Relations have improved under the current president, Mauricio Macri, whose approach to economic policy was much more consistent with that favoured at the IMF.

The prospect of a new IMF loan will test that improvement. It will come with economic policy conditions, including almost certainly spending cuts and tax rises, which are likely to aggravate political strains in Argentina.</s>BUENOS AIRES, Argentina — Argentina opened discussions with the International Monetary Fund on Tuesday about obtaining a “line of financial support”, President Mauricio Macri announced amid a bout of market turbulence in Latin America's third-largest economy.

In a televised speech, Macri said Argentina's economy had enjoyed favourable conditions during the first two years of his presidency.

“But this context is changing. We are among the countries of the world that are most dependent on foreign financing, a product of the enormous public spending we inherited and are putting in order,” he said, explaining the decision to open talks with the IMF.

Macri said he had his first conversation with IMF Managing Director Christine Lagarde, but did not say how big a line of credit Argentina is seeking.

IMF financing would strengthen his “programme of growth and development, giving us greater backing to confront this new global scenario and avoid a crisis like those we have had in our history”, he said.

Lagarde later said, “Discussions have been initiated on how we can work together to strengthen the Argentine economy, and these will be pursued in short order.”

The Argentine peso, which dropped 4.61 per cent to 23.41 to the US dollar in opening trades yesterday, strengthened slightly after Macri's speech at 23.06.</s>Argentina asked the International Monetary Fund for financing to help stem a run from the Peso to the US dollar that is sparking a surge in interest rates and threatening to derail the country's economic recovery. The sum requested is estimated between 25 and 30bn dollars, 500% Argentina's IMF quota and could be disbursed in two forms, a flexible credit line or a precautionary credit line.

This will allow us to face the new global scenario and avoid a crisis like the ones we have faced before in our history, President Mauricio Macri said in a televised address on Tuesday.

The president didn't state how much money was being requested but sources said that apparently officials are seeking a credit line worth up to US$ 30 billion. Treasury Minister Nicolas Dujovne is leading a delegation to Washington for talks with the Fund, the ministry said. The IMF confirmed talks in a statement.

The speech was the first time that Macri spoke to the country after the central bank abruptly raised the benchmark's interest rate three times in ten days to 40%, the highest among major economies. The currency has plunged more than 18% this year, dragging down assets from bonds to stocks. The peso pared earlier losses and traded at 22.75 pesos to the dollar in early afternoon trade from 21.94 on Monday.

The decision to accept an IMF credit line is the latest twist in the sometimes fraught relationship between the fund and Argentina. The IMF lent to Argentina before the country defaulted on its debts in 2001.

The IMF was heavily criticized in Argentina for failing to forestall the debt crisis.

Relations with the fund have warmed in recent years. Argentina was censured by the IMF in 2013 for failing to disclose economic data, but the fund removed the censure declaration in 2016 after the government improved its transparency.

We're looking for preventive financing for Argentina to bring stability to the market, Nicolas Dujovne, Argentina's Treasury minister told reporters in Buenos Aires. We've begun talks with the IMF to have a preventive line of credit, bearing in mind that the IMF has given express support to our gradual program.

The IMF offers the flexible credit line as a precautionary tool for countries that want to reassure markets they are following economic policies approved by the Washington-based fund. Governments can draw on the lines at any time. To qualify, countries must show they have strong economic fundamentals and are implementing policies vetted by the IMF.

Colombia, Mexico and Poland are the only nations to have signed up for the flexible credit line. None of them have drawn on the lines, and Poland exited the arrangement last year.

Earlier on Tuesday, Argentina's peso traded at a record low tracking a rout in global emerging markets. The central bank raised rates on Friday for the third time in eight days in an unprecedented move that underscored challenges faced by President Macri as he attempts to rein in inflation and government spending.

Alberto Ramos, the head of Latin America research at Goldman Sachs Group Inc. in New York, said Argentina's request for financing help is a positive development as it increases the central bank intervention firepower and, therefore, the ability to anchor the currency.

In Washington IMF Managing Director Christine Lagarde said ”Argentina is a valued member of the International Monetary Fund. I very much welcome President Macri’s statement today and look forward to our continuing partnership with Argentina. Discussions have been initiated on how we can work together to strengthen the Argentine economy and these will be pursued in short order.”

However the political side of the situation will face a decisive challenge this Wednesday in Congress where lawmakers agreed to discuss a capital markets bill, sponsored by the government, and at midday an opposition initiative to freeze utility rates to their November level, with any future increases in line with salary levels. Government and opposition are willing to discuss the first bill, but it is not clear what can happen with the freeze bill, since it will depend if there is a sufficient quorum.

Anyhow if approved president Macri has anticipated he will veto the freeze bill, which both sides want to avoid to prevent a further deterioration of Congress and weakening of possible working alliances to approve legislation. Government officials have warned that the freeze bill could add another US$ 10bn to the budget deficit.</s>Argentina has appealed to the International Monetary Fund for an emergency credit package in an effort to avoid a financial crash and rescue its faltering peso currency from a long downward slide against the dollar.



The announcement, against a backdrop of surging interest rates and stubbornly resistant inflation, brought back echoes of Argentina’s monetary crash and foreign debt default in December 2001 when the peso dropped overnight to a quarter of its value against the dollar and bank accounts were frozen nationwide.

“This will allow us to face the new global scenario and avoid a crisis like the ones we have faced before in our history,” president Mauricio Macri said, announcing the loan in a televised address.

Macri said international conditions had changed since he assumed office in December 2015. “During the first two years we have had a very favourable global context, but today that is changing, global conditions are becoming increasingly complex due to several factors: interest rates are rising, oil is rising, currencies of emerging countries have been devalued, all variables that we do not control.”

Last week Argentina’s central bank raised interest rates from 33.25% to 40% in a bid to halt the slide in the peso.

The Argentinian currency has been losing value against the dollar at a steady rate in the last few months, falling from under 20 pesos to the dollar to 24 pesos on Tuesday despite the latest rate rise. The peso has depreciated by 18% so far this year.

Government sources quoted in Argentina suggested that Macri will be requesting $30bn from the IMF at below market interest rates. “It’s a large loan that justifies paying the political cost,” the daily Clarín said.

Shoring up the value of the peso has proven a heavy drain on central bank reserves in the last months. “Going to the IMF at 4% is saving abut half on the interest rate,” tweeted Elisa Carrió, head of the Civic Coalition (Coalición Cívica) party that forms part of Macri’s Cambiemos governing coalition. “This will allow us to be covered until 2019.”

Other members of the Cambiemos coalition were less pleased by the announcement. “More than an agreement with the IMF, what is needed is an agreement between Argentinians,” said Ricardo Alfonsín of the Radical party, also part of Cambiemos. “I’m worried by the IMF’s conditions. With time, the remedy could prove worse than the disease.”

Macri said he had spoken to IMF director Christine Lagarde in order to kick start negotiations for the loan.

Cornered by lacklustre growth, rising retail prices, diminishing popularity and a smaller-than-expected soy harvest, Macri’s economic plan has been heavily dependent on foreign financing, which had dried up in recent months, prompting Tuesday’s appeal to the IMF for a line of credit.

Last month the IMF reduced its growth forecasts for Argentina during 2018 from 2.5% to 2%. The government also seems unlikely to meet its projected inflation rate of only 15% for 2018, with the IMF predicting 19.2% instead.</s>BUENOS AIRES, Argentina — President Mauricio Macri said Tuesday that Argentina has begun talks on a financing deal with the International Monetary Fund following a sharp devaluation of its currency and amid a difficult "global scenario."

Argentina was forced recently to impose three interest rate hikes to halt a sharp devaluation of its peso.

Macri said he's in talks with IMF Director Christine Lagarde to obtain a flexible credit line to combat economic woes at home and a complex situation worldwide that he said includes rising interest rates, higher oil prices and a depreciation of emerging market currencies.

"The problem we have is that we're one of the countries that depends the most on external financing," Macri said in a televised address. "Faced with this situation, and preventively, I've started conversations with the International Monetary Fund ... A few minutes ago I spoke with Christine Lagarde, and she confirmed we would start working on an agreement today."

He did not say how much Argentina is asking.

The peso fell to a historic low versus the U.S. dollar and Argentina's debt sank in price last week after a string of monetary and fiscal policy decisions that have been criticized by investors.

The government's woes began in December when investors began doubting its commitment to curb consumer prices after it announced a rise in its inflation target to 15 percent. Argentina then lifted its benchmark interest rate to 40 percent and tightened the fiscal deficit target.

"Today we're here to complement those announcements," Treasury Minister Nicolas Dujovne said in a press conference, adding that IMF financing was the best option to protect Argentina from global risks.

Many Argentines have bad memories of the IMF, believing its policies contributed to Argentina's worst economic collapse in 2001. The crisis was so bad that one of every five Argentines was out of work. The peso, which had been tied to the dollar, lost nearly 70 percent of its value. Banks froze deposits. More than 20 people died in protests and looting as the economy unraveled. Argentina eventually defaulted on a debt of more than $100 billion and saw a revolving door of five presidents in just two weeks.

But Dujovne reassured Argentines, saying that the IMF "today is very different than the one we knew 20 years" ago. "It has learned lessons from the past, and I repeat — it has helped our gradual program (of policies)."

Macri, a conservative, came into power in 2015 promising to cut government spending to boost Argentina's troubled economy. But while Macri struggles to reduce the country's high fiscal deficit and tame inflation, Argentines continue to lose purchasing power and many are growing frustrated with rises in fuel and transportation costs.

Argentina's Merval stock index recovered after Macri's announcement, and was falling about 3 percent after starting the day down at about 5 percent. The peso also bounced back to close at 22.8 per dollar after having plunged to a record low of 25.5 earlier in the day.

The IMF flexible credit line is designed specifically for countries with strong fundamentals, a track record of solid policy implementation, and a commitment to continue to implement sound policies and take appropriate corrective action whenever warranted, Goldman Sachs economist Alberto Ramos said in a research note.

"It is unclear to us if Argentina truly fits this description: while the authorities are certainly orthodox and market friendly and committed to implement sound policies, the country's fundamentals are hardly strong," he said.</s>BUENOS AIRES, May 8 (Reuters) - Argentina is seeking a financing deal with the International Monetary Fund to stabilize its finances after two weeks of financial market volatility that saw the peso hit new lows and the central bank jack interest rates up to 40 percent.

"I spoke with (IMF) Director Christine Lagarde, and she confirmed we would start working on an agreement today," Argentina's President Mauricio Macri said in an address to the nation.

The move was remarkable, given that many people still blame the IMF's austerity requirements for policies that led to a financial and economic meltdown in 2001 to 2002 that hurled millions of middle class Argentines into poverty.

"This will allow us to strengthen our program of growth and development, giving us greater support to face this new global scenario and avoid crises like the ones we have had in our history," Macri said.

Argentine markets have been battered over the last two weeks by local policy uncertainty and regional factors. Other currencies in Latin America have also weakened as risk-averse investors dumped emerging market assets.

The local peso currency closed down 2.79 percent at 22.6 per U.S. dollar after touching an all-time low 23.5 to the greenback during the session.

Lagarde said in an IMF statement: "Discussions have been initiated on how we can work together to strengthen the Argentine economy and these will be pursued in short order."

Local newspaper Clarin said Argentina would seek at least $30 billion in financing. The government and an IMF spokesman declined to comment on the amount.

Local markets reacted positively to Tuesday's announcement. The peso regained some of the ground it had lost earlier in the day and the Merval stock index, which started the day 5.3 percent lower, cut its losses to 3.43 percent.

"We have decided to seek preventive financing for Argentina, to give stability to the market," Treasury Minister Nicolas Dujovne said at a news conference.

He said the deal would not increase the country's indebtedness, but rather provide a substitute for issuing bonds that would require the government to pay higher interest rates.

Dujovne said the policy conditions to be required by the IMF in exchange for the financing deal had not yet been discussed. A spokesperson for the Treasury said the minister would travel late Tuesday for an initial meeting with Lagarde.

"An IMF line of credit is the least expensive option for growth in Argentina. It will help lower country risk," Miguel Kiguel, a former Argentine finance secretary who runs local consultancy Econviews, said in a post on Twitter.

Macri was elected in late 2015 on an investment-friendly platform following eight years of populist rule under his free-spending predecessor Cristina Fernandez.

He has reduced utility subsidies, an unpopular move that increased water and heating bills for average Argentines already beleaguered by high inflation.

Last week, the peso hit a then-all-time low of 23 per greenback, prompting the government to announce additional fiscal belt tightening and the central bank to hike its key interest rate to 40 percent on Friday.

In 2016, the Fund conducted its first Article IV consultation visit in a decade to Argentina. It praised Macri's pro-market reforms, and said more such measures were needed.
President of Argentina Mauricio Macri announces talks with the International Monetary Fund on financial support for the country's economy. The Central Bank of Argentina interest rate is now at 40%, inflation at 25% and the value of the Argentine peso at a record low.