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Financial News: ARGENTINA: After Agreement, Macri And Lagarde Met In

ARGENTINA: After Agreement, Macri And Lagarde Met In The G7

06/11/2018 - 18:16:00 (RTTNews)

(RTTNews) - The International Monetary Fund (IMF) considers that the Argentinean government's economic plan should strengthen the South American country's economy in the short term and stimulate growth and job creation, said IMF's managing director Christine Lagarde in a statement after a meeting with Argentina's President Mauricio Macri in the sidelines of the G7 Summit in Quebec, Canada.

The meeting took place after a stand-by loan agreement for US$ 50 billion for a period of 36 months. The Argentinean government intends to use the first installment of the loan and keep the remainder as a precautionary reserve. Around 30% of the total financing must be available as of June 20, after the approval of the board.

"President Macri and I had a very constructive meeting today [Saturday] and I reiterated my support for the important reforms announced by Minister Nicolas Dujovne and governor Federico Sturzenegger," Lagarde said in a statement after meeting with Macri. She added that "the protection of the poor and the most vulnerable is a critical component of the plan, an approach that has my full support."

During the G7 Summit, Macri also held meetings with the Chancellor of Germany, Angela Merkel, with the Prime Minister of the United Kingdom, Theresa May, with the President of France, Emmanuel Macron, and with the Prime Ministers of Italy, Giuseppe Conte, and Vietnam, Nguyen Xuan Phuc.

At the end of the official activities of the summit, the Argentinean president held a working meeting with the Prime Minister of Canada, Justin Trudeau.

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