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IMF weighs financing deal for Argentina as Macri vows faster action on debt

The International Monetary Fund may offer Argentina a high-access, standby financing arrangement, the details of which remain under discussion, Reuters said May 17, citing IMF spokesman Gerry Rice.

The IMF's 24-member board is due to meet May 18 to finalize a program for the South American nation, according to Bloomberg.

Argentine President Mauricio Macri sought a credit line from the IMF to avoid a financial crisis as the Argentine peso continued to weaken and the central bank implemented a series of interest rate hikes.

On May 16, Macri vowed to work out a plan to reduce Argentina's fiscal deficit more quickly than planned. The president had previously committed to a gradual reduction to safeguard workers' benefits, Bloomberg noted.

Macri's latest promises "show the government's recognition of the central challenges affecting the Argentine economy today, the government's ownership of the policies needed to address those challenges, and the determination to ensure balanced and inclusive growth," Bloomberg quoted Rice as saying. "We strongly welcome President Macri's comments."