Gerry Rice, the spokesman for the International Monetary Fund (IMF), issued a statement on Friday, declaring "full support" for Argentina's efforts in resolving the ongoing financial crisis. The organization was closely working with the countries government in order to bolster the faltering economy. Rice said that he is "confident in the strong commitment and determination of the Argentine authorities will help the country overcome the current difficulties."
The Argentine peso, which has recently experienced a biggest daily fall in three years, rose 1.54% at 16:58 pm CET after the statement. Earlier this week, President Mauricio Macri asked the IMF to expedite the release of a $50 billion loan from a standby fund in order to "eliminate any uncertainty." Rice added that IMF chief Christine Lagarde (pictured), Fund staff and Argentine Treasury Minister Nicolas Dujovne and his team would meet on Tuesday for talks.