ARGENTINA: Country Is Closer To An Agreement With The IMF

(RTTNews) - The Argentinean government is expected to announce more details on an imminent agreement with the International Monetary Fund (IMF), said the Minister of Finance, Nicolas Dujovne, in a press conference held after a meeting with General Confederation of Labor (CGT) representatives to renegotiate wage increases.

"There will be news in the coming hours. Until that happens I can not give more details, but I can say that we are very close," Dujovne told reporters, noting that they are "working on the last details". The country intends to obtain a standby credit line to deal with the high volatility of the country's exchange rate.

Meanwhile, the IMF's spokesperson, Gerry Rice, said in a press conference that the conversations with the Argentinean government "are very advanced."

However, they are waiting for the Fund's Executive Board to give the final word "on Argentina's request for exceptional access to the resources of the IMF."

In addition, there are expectations of a meeting between President Mauricio Macri and IMF Managing Director Christine Lagarde, as part of the G7 meeting in Quebec, Canada. According to Rice, the meeting is not scheduled, "but those summits work in such a way that the leaders meet in the hall and outside it."