Argentina has asked the International Monetary Fund (IMF) to bring forward disbursements of the US$ 50 billion stand-by credit line it secured in June in order to help ease the country out of its economic problems, the Mauricio Macri government announced Wednesday.
"We have agreed with the IMF to forward all the funds necessary to guarantee compliance with next year’s financial programme", Macri said in a televised address, prior to the opening of financial markets and following weeks of volatility which has included a sharp decline in the Argentine peso.
Argentina is experiencing its second recession in as many years.
Since taking office in late 2015, Macri has struggled to tackle inflation. His government expects it will end the year at between 27 and 32 percent.
On Tuesday, the peso hit a record 31.35 dollars, accumulating a 40-percent plummet since the beginning of the year.
The country received the first US$15 billion of the loan in June and was expected to receive US$3 billion in September.
Date: 29 August, 2018
Source: http://www.batimes.com.ar/news/economy/macri-asks-imf-for-early-release-of-stand-by-loan-funds.phtml
