International Monetary Fund chief Christine Lagarde said on Thursday she is ready to aid Argentina and wants talks on a financing package to be finalized quickly. Lagarde said she instructed the IMF team to continue discussions on a loan program with the goal to “reach a rapid conclusion.”
After several days up in Argentina, the devaluation of the Argentine peso and the rise of the US dollar have had some impact on the other side of the River Plate, where the exchange houses of downtown Montevideo marked on Wednesday the value of the currency up to 31,70 Uruguayan pesos per dollar, a rise of 2.08% compared to Monday —the highest in five years—. For the Uruguayan government, the country follows the global trend and calls for calm, beyond the noise generated in Argentina, which is beginning a dialogue between the Finance Minister, Nicolás Dujovne, and the International Monetary Fund (IMF) in Washington.
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.
Argentina's Central Bank on Friday hiked its benchmark interest rate to 40% to support the peso, the third such hike in just over a week and one day after the currency plunged in value. Following the decision, the peso -- which has lost more than 10% of its value in the past month -- opened 6% higher against the dollar.
The International Monetary Fund’s (IMF) World Economic Outlook update for April 2018 has reduced its expectations of growth for Argentina this year, and its projected annual inflation rate largely exceeds the 15% goal set by president Mauricio the Macri administration in December 2017.
IMF Managing Director Christine Lagarde at the conclusion of the Group of 20 (G20) Finance Ministers and Central Bank Governors meeting in Buenos Aires, reiterated praise for Argentina president Mauricio Macri gradual economic policies, and called on the need for reform in the more advanced economies to ensure sustained, solid growth.
The world is on a crash course as people's hopes collide with a future in which millions of jobs are automated, the World Bank chief has said. Jim Yong Kim said policymakers should take action by investing in education and health. The World Bank president spoke in New York ahead of the group's annual meeting in Washington DC this week.
The International Monetary Fund managing director Christine Lagarde said that to get the global economy moving at a faster pace it was necessary to share the benefits of capitalism, more global regulation and more action to protect workers against automation and robots.
The head of the International Monetary Fund has warned the UK there is still likely to be pain ahead as Theresa May prepares to trigger the UK's departure from the European Union. Christine Lagarde told the BBC the Brexit process would be complicated.
A French court on Monday found International Monetary Fund (IMF) chief Christine Lagarde guilty of negligence for her doings as finance minister in 2008, when she failed to challenge a state arbitration payout to a business tycoon in.