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Argentina forced to seek IMF aid over fears for economy
Country pursues deal after President Mauricio Macri fails to stem run on the peso
Phillip Inman
Fri 18 May 2018 15.54 EDT
Argentina’s struggle this week to prevent a collapse in its currency and soaring interest rates from destabilising its ailing economy appeared to have ended in failure on Friday, leaving it to seek financial aid from the International Monetary Fund.
The IMF, the lender of last resort to nation states, said the South American country had formally requested an “exceptional access standby arrangement” that would allow Argentina to pay its foreign bills while the government sought to prevent a repeat of the 2001 crisis.
The IMF managing director, Christine Lagarde, said she had conveyed to the IMF board the Argentine authorities’ intention to request the facility, understood to be in the region of $30bn.
In a message that Lagarde said showed the IMF stood beside Argentina in its time of trouble, she said the board would support the country to build and maintain social cohesion while it pursued its economic goals amid “significant financial volatility”.
More:
https://www.theguardian.com/world/2018/may/18/argentina-forced-to-seek-imf-aid
