Ms. Christine Lagarde, the International Monetary Fund’s Managing Director, made the following statement today regarding Argentina.
“President Macri and I had a productive conversation today. He indicated his desire to work toward strengthening the policies underpinning the Stand-By Arrangement with the IMF.
“In consideration of the more adverse international market conditions, which had not been fully anticipated in the original program with Argentina, the authorities will be working to revise the government’s economic plan with a focus on better insulating Argentina from the recent shifts in global financial markets, including through stronger monetary and fiscal policies and a deepening of efforts to support the most vulnerable in society.
“I stressed my support for Argentina’s policy efforts and our readiness to assist the government in developing its revised policy plans. I have instructed IMF staff to work with the Argentine authorities to strengthen the Fund-supported arrangement and to reexamine the phasing of the financial program. I have agreed that we would aim to reach a rapid conclusion of these discussions to present to our Executive Board for approval.
“I am confident that the strong commitment and determination of the Argentine authorities will be critical in steering Argentina through the current difficult circumstances and will ultimately strengthen the economy for the benefit of all Argentines.”
