The International Monetary Fund, IMF, admitted on Wednesday that it had underestimated the “incredibly complicated situation” of the Argentine economy and also that taming inflation had taken much longer than originally expected.
By Christine Lagarde - As G20 leaders gather in Argentina, the global economy faces a critical juncture. We have had a good stretch of solid growth by historical standards, but now we are facing a period where significant risks are materializing and darker clouds are looming.
Argentina's Peso suffered its biggest one-day slide in almost three years on Wednesday after the central bank sold reserves for a second straight day and the president asked the International Monetary Fund for early release of standby funds.
Argentina Economy Minister Nicolas Dujovne is due to meet on Thursday with IMF chief Christine Lagarde to request a financing package to help shore up the struggling economy, officials said. Dujovne will also meet with a senior US Treasury official in a key step in the talks with the IMF, which are likely to last six weeks, his spokesman said in a statement.
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.
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.
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.
The Executive Board of the International Monetary Fund (IMF) on Friday selected Christine Lagarde to serve as IMF Managing Director for a second five-year term starting on July 5, 2016. The Board’s decision was taken by consensus.
The head of the International Monetary Fund, Christine Lagarde, has confirmed she will stand for a second term. Ms Lagarde threw her hat into the ring during an appearance on French television.
Argentine Finance Minister Alfonso Prat-Gay is planning to meet with IMF's Christine Lagarde at the World Economic Forum in Davos, Switzerland, to discuss resuming formal ties with the international lender, according to a report published by Bloomberg.