Argentina and the IMF will announce a new agreement on the loan

© AFP 2018 / Yuri GripasШтаб-apartment of the International monetary Fund in Washington, USA. Archival photoArgentina and the IMF will announce a new agreement on the loan© AFP 2018 / Yuri Gripas

The Minister of economy of Argentina, Nicholas Duhovne announced on Tuesday that on Wednesday his country and the international monetary Fund (IMF) announced in new York on a new agreement on the loan.

In Argentina there was a difficult financial situation. Central Bank of the country raised the rate to a record 60% amid falling peso. With the beginning of the year the Argentine currency has depreciated more than 45% against the dollar. Earlier it became known that Argentina can obtain from the IMF for more credit in 3-5 billion it approved in June 50 billion.

«The Fund is currently completing work on a formal check of the proposal tomorrow (Wednesday) it will be submitted for formal discussion and, if nothing extraordinary happens tomorrow night, we will be able to announce it», — quotes the portal Infobae the statement of the Minister.

On Tuesday, Dujovne met in new York with head of the IMF Christine Lagarde.

In his opinion, the new loan will be sufficient for payment on the debt of the country in 2019-2020.

At the end of June, the IMF formally approved a loan to Argentina of $ 50 billion scheme stand-by. This solution allows the country to receive the first tranche of 15 billion, half of this amount will be used to support the state budget. The remaining part of the financial support of the IMF — 35 billion — will be available for the duration of the agreement on the basis of quarterly reviews.