Economics
Argentina Asks IMF to Quicken Payments From $50 Billion Line
- Peso continues its slide, falling for an eighth straight day
- IMF has already disbursed $15 billion in funds from program
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Argentina’s peso tumbled to a record low after President Mauricio Macri asked the International Monetary Fund to speed up disbursements from its $50 billion credit line to ease the nation’s financial crisis.
The request reflects the pressure policy makers are under to reassure investors that the government will have enough money to fund itself through next year without incurring more debt. Borrowing costs soared in recent months as the country heads for its second recession in three years with inflation above 30 percent and the world’s highest interest rates.