Argentina Says to agree Economic Plan with IMF Staff Before Sending It to Congress

Argentina's government plans to agree on its new multiyear economic plan with International Monetary Fund staff before sending the proposal to Congress, Economy Minister Martin Guzman said on local radio on Friday, Reuters reported. "First, we will seek to reach an agreement with IMF staff, and then it will be sent to Congress for ratification," the minister said in comments to local station Radio Con Vos. Earlier in the day, a government source, who asked not to be named, outlined the same plans in an interview with Reuters. The IMF did not respond to a request for comment. After getting walloped in a recent midterm congressional election, the administration of President Alberto Fernandez is facing political headwinds as average Argentines struggle with high poverty rates and inflation of more than 50% a year that has gutted their spending power. Guzman told the radio interviewer that no abrupt devaluation of the local peso currency was being planned, despite rampant market speculation to the contrary as the local peso has weakened 20.4% over the last 12 months. The Argentine government would also like to resolve the rollover of $45 billion in outstanding debt owed to the IMF this year, Guzman added. Read more.