September 24, 2018 / 2:00 PM / in 7 months

Argentina's Macri says "more IMF support coming" as talks continue

BUENOS AIRES, Sept 24 (Reuters) - Argentina will receive “more support” from the International Monetary Fund, President Mauricio Macri said on Monday, although he could not say what that support would look like as talks with the Fund are still in progress.

Speaking in an interview with Bloomberg TV in New York, Macri said the country was close to reaching a final agreement with the IMF, and that there was “zero chance,” that Argentina would default on its international debts in the coming year.

Argentina struck a $50 billion standby financing agreement with the IMF in June after a bad drought sapped Argentina’s grain export sector and a run on the peso currency stoked fears the country would be unable to service its international debts in 2019.

Given favorable weather forecasts, Macri said that grains exports would “rocket to new levels of production,” and that the country would endure 4 to 5 more months of recession before an export-driven recovery would kick in. (Reporting by Scott Squires Editing by Chizu Nomiyama)

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