The International Monetary Fund's board of executive directors met on Friday to discuss the $44 billion Argentine programme for the first time since Silvina Batakis' appointment as economy minister, Reuters reported. In an informal meeting, the fund's staff said Batakis, who was sworn-in on Monday, was in the process of selecting her team, and once ready the first contacts between technical level IMF officials and new Argentine officials will be made. Staff also informed the Board that they were keeping a close watch on market conditions, as some of Argentina's dollar bonds were now trading in very distressed territory under 20 cents on the dollar. Argentina's economy ministry and the IMF did not immediately reply to a request for comment. The purpose of the meeting was to update the board on the state of affairs in Argentina, the fund's largest debtor, sources said. The meeting was attended by Ilan Goldfajn and Julie Kozack, the head and deputy director of the IMF's Western Hemisphere Department, as well as Luis Cubeddu, the IMF's chief of mission to the country. Sergio Chodos, who will continue to be Argentina's representative at the IMF, was also present. Read more.