Buenos Aires — The IMF will consider Argentina’s request to speed up disbursements from a $50bn credit line as the government seeks to restore investor confidence. The IMF responded about nine hours after President Mauricio Macri surprised the nation by saying in a televised speech that Argentina needed the money to demonstrate it had enough cash on hand to fund the 2019 budget without going further into debt. His statement, which suggested the IMF had signed off, was meant to reassure investors. Instead, it sparked confusion among traders who have complained about poor communication and disjointed plans. The peso plunged 7.3% to a record low. Macri’s government has struggled in the past five months to convey a viable strategy to shore up the economy, cut budget and current account deficits, and tame inflation running at more than 30% a year. While analysts have praised moves such as obtaining the IMF credit line in June and raising interest rates to the highest in the world, there ...
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