President Mauricio Macri says Argentina has begun talks with the International Monetary Fund about a credit line following sharp devaluation of its currency.
Macri said Tuesday that he's in talks with the head of the IMF to obtain a credit line to combat economic woes and a difficult "global scenario."
For her part, IMF chief Christine Lagarde said talks will begin “in short order” to shore up Argentina’s economy.
Lagarde said, “Discussions have been initiated on how we can work together to strengthen the Argentine economy and these will be pursued in short order”.
Argentina was forced to impose three recent interest rate hikes to halt a sharp devaluation of its peso.
The peso fell to a historic low versus the US dollar and Argentina's debt sank in price last week after a string of monetary and fiscal policy decisions that have been criticised by investors.
The government's woes began in December when investors began doubting its commitment to curb consumer prices after it announced a rise in its inflation target to 15 percent.
-AP/AFP
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