Argentina’s President Mauricio Macri said Wednesday that the International Monetary Fund has agreed to accelerate funding in support of his government’s austerity program, but his comments did little to calm the market as the country’s currency came under renewed pressure.
The development came amid heightened volatility in Argentina’s financial and currency markets, which have been battered by uncertainty over inflation, an economic downturn and budget deficits.
Macri sought to soothe the turbulence in a statement before markets opened, assuring Argentines that help is on the way.
“Over the past week, we have had new expressions of lack of confidence in the markets, especially over our ability to obtain financing for 2019,” Macri acknowledged.
He said the IMF would provide “all the funds necessary to guarantee the fulfillment of the financial program next year….
Source: Seychelles News Agency