MercoPress. South Atlantic News Agency

Trump spoke to Macri to strongly support Argentina's economic reforms

“President Trump expressed strong support for President Macri's pro-growth economic agenda and the strides he has made in modernizing the economy”

US President Donald Trump spoke with Argentina's leader Mauricio Macri on Wednesday and voiced support for the country's economic reforms, the White House said in a statement.

Trump and Macri “discussed important Argentine economic reform measures implemented by President Macri, and also discussed regional challenges,” a White House spokesman said in a statement.

“President Trump expressed strong support for President Macri's pro-growth economic agenda and the strides he has made in modernizing the Argentine economy.”

Macri, under pressure over a misfiring economy six months ahead of presidential elections, has implemented series unpopular austerity policies to try to restore stability in the face of soaring inflation, huge debt obligations and a currency crisis.

The measures came in exchange for a US$ 56 billion loan from the International Monetary Fund. An IMF team is currently in Buenos Aires to review the government's performance under the terms of the loan.

The nation's embattled center-right president is seeking agreement on a 10-point list of reforms with the country's main political and social leaders that includes maintaining fiscal stability, boosting exports and reducing taxes.

Inflation has reached 55% and the IMF estimates the economy will contract 1.2% this year, after falling 2.5% in 2018.