Argentina strikes $50 billion financing deal with International Monetary Fund
10 June, 2018, 21:26 | Author: Regina Silva
The deal still needs approval from the IMF's executive board, which will examine Argentina's economic plans in the coming days.
"In sum, I believe that Argentina's reforms deserve the support of the IMF and the worldwide community and I look forward to soon discussing Argentina's request for support with the IMF's Executive Board".
Argentina, which has been plagued by economic problems for years, asked for assistance from the International Monetary Fund on 8 May after its currency hit an all-time low.
Latin America's third-largest economy was hit hard as the BCRA hiked interest rates three times in a week from 28% to 40% in a bid to halt the fall in the Argentinian peso, which has depreciated 18% this year against the U.S. dollar.
Treasury minister Nicolas Dujovne said this was 11 times greater than Argentina's quota which reflected the support of the worldwide community for country. The turn to the lender by President Mauricio Macri has led to protests in the country.
Argentina will seek to reduce its fiscal deficit to 1.3 percent of gross domestic product in 2019, down from 2.2 percent previously, Dujovne said. It calls for fiscal balance in 2020 and a fiscal surplus of 0.5 percent of GDP in 2020.
Nadal wins record-extending 11th French Open
What price Federer continues it at Wimbledon five weeks today? In Madrid, Thiem said the key was to be positive against Nadal . The duo have met nine times throughout their career, all on clay, with Nadal taking six meetings to Thiem's three.
Trump pulls out of joint G7 statement, calls Trudeau 'weak'
Trump is painting a highly inaccurate tariff picture - wrongly suggesting everyone else has high tariffs while USA has none. At times, it appeared the G-7 summit was really the G-6 against the United States, CBS News' Weijia Jiang reported .
How to get help for someone who may be suicidal
However, before a trained specialist can take their first call they are required to go through an extensive 100 hour training. And the crisis line includes something rarely available outside Colorado: a peer-support line.
The deal brought back bad memories for Argentines who blame the IMF's policies for the country's worst economic crisis in 2001.
Central Bank President Federico Sturzenegger said the bank will still intervene in currency markets in times of "disruptive movement". A minimum $20 billion had been expected based on Argentina's quota. The central bank will not target inflation this year, he said. We are also encouraged by the authorities' commitment to ensure legal independence and operational autonomy for the central bank and to immediately put an end to central bank financing of the federal deficit. The previous targets were 2.2% and 3.2%, respectively.
South America's third-largest economy intends to use the loan, which still requires the International Monetary Fund executive board's approval, to try to balance the budget by 2020 and reduce inflation to single-digits by 2021.
Argentina's annual inflation target was 15 percent for 2018, but had reached nearly 10 percent by April, and forecasts suggest it will hit 27 percent.
"We believe that Argentina's economic and financial policies, including measures to enhance growth and protect the most vulnerable, warrant the strong backing of the global community", he said.
In a separate statement, the president's office said it had clinched agreements for an additional $5.65 billion from the Inter-American Development Bank, the World Bank and the CAF development bank over the next 12 months.
It said that the plan involved sneaking in an operative from Jordan and that "significant terrorist activity" was foiled. It said on Tuesday that Mahmad Rashdeh had also collected intelligence on his Syrian handler's behalf to target the U.S.
Later, according to the lawsuit , Cohen texted that the "wise men" decided it wasn't "smart for her to do any interviews". But Melania Trump's spokeswoman, Stephanie Grisham, said in response to Giuliani's remarks: "I don't believe Mrs.
The major hang-up in GOP talks has been how to offer citizenship to young immigrants brought to the US illegally as children. Divided on immigration, House Republicans are huddling privately as leaders try pushing them toward consensus on the issue.
On a year-over-year basis, overall employment was up by 238,000 jobs or 1.3 per cent, due to gains in full-time work. The average expectation of forecasters was for the country to add just over 22,000 jobs last month.
It is the first time that a work of art from an internationally renowned artist will be sold using blockchain technology. The final price of the painting will be determined by smart contracts run on the Ethereum blockchain.
The Red Devils are unwilling to meet West Ham's £ 60m asking price for Arnautovic and value the attacker at around £35m. The only thing that bothers me is that I am in a good health and that I am able to play football.
Injured civilians were taken to nearby hospitals while civil defense units carried out a search and rescue operation in the area. Twelve militants were killed in the assaults in the desert of the southern province of Sweida, the Observatory said.
The game hasn't been announced on PC but that might change in the future.We'll keep you posted as soon as we know more. The list of "Video Games That May Never Actually Release" has just lost one of its most prominent members.
Rafael Nadal clinches record-extending 11th French Open title
The multiple Spanish champion didn't lose a single set and crushed his competitor in the final while losing only seven games. And in 2012, he surpassed Borg's record to become the most successful player in French Open history with his seventh crown.
President Trump weighs unnecessary pardon of Muhammad Ali
I am proud to be able to present this to Colin for his passionate defense of social justice and civil rights for all people. Donald Trump is on a pardoning binge, offering up clemency to everyone from Martha Stewart to Muhammad Ali .
Who's in charge here? One photo that sums up G7 summit
Canadian Prime Minister Justin Trudeau and French President Emmanuel Macron were especially vocal ahead of Trump's arrival. Despite the tough talk, diplomats have described the ongoing discussions as "cordial and productive".