INSUBCONTINENT EXCLUSIVE:
the peso plummeted to a new record low.
The move comes one day after President Mauricio Macri announced he had requested the International
Monetary Fund to speed up disbursements from a $50 billion credit line, in order to demonstrate the country had enough cash on hand to fund
the 2019 budget without going further into debt.
Earlier on Thursday the peso fell to a fresh record low of 40.00 per United States dollar
It pared some of its declines following the central bank announcement
economy, cut budget and current-account deficits, and tame inflation running at more than 30 percent a year.
While analysts have praised
political will to make the spending cuts and tax increases necessary to tame inflation and restore growth.
The IMF said on Wednesday it will
review the timing for doling out the remaining funds from the loan and collaborate with Argentina on a plan to bolster the economy.
