Argentinians unhappy with country's new IMF deal

Argentinians unhappy with country's new IMF deal
By Chris Pilcher
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The International Monetary Fund is meeting in Washington approve a €42 billion after President Mauricio Macri reached out to ease the country's financial woes.


Argentinians march through Buenos Aires, protesting against the country's new deal with the International Monetary Fund to receive up to €42 billion.

President Mauricio Macri's country reached out to the "safety net" of IMF last month after its peso currency hit an all-time low.

In return, Argentina has agreed to tackle its double-digit inflation and public spending.

The nation's economy has struggled ever since a devastating economic crisis in 2001/02 and Argentinians blame this on IMF-imposed austerity measures.

As part of the agreement, Argentina will reduce its fiscal deficit to 1.3% of gross domestic product in 2019, down from 2.2% previously, a statement from the president's office said. The government will also send a proposal to Congress to reform the central bank charter and strengthen its autonomy.

The IMF lender's board is expected to vote on the three-year agreement over the coming days in Washington.

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