Argentine President Sees Deal With IMF in Next Few Days

(Bloomberg) -- President Mauricio Macri said Argentina will reach a deal with the International Monetary Fund in the next few days.

“We will have an agreement in the next few days,” he told reporters in Cachi, Salta without providing details. “Confidence is fundamental. That’s why we went to the fund to get their support for our financial needs.”

Treasury Minister Nicolas Dujovne is scheduled to meet with IMF officials next week as talks for financing enter a fourth week. The government is said to be seeking a credit line of at least $30 billion to help shore up finances and restore confidence to the peso. The currency has plunged more than 25 percent against the dollar this year, dragging equity and credit markets along, as investors soured on Argentine assets.

Any deal with the IMF will likely come with a commitment from the government to quicken the pace of the fiscal consolidation.

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