IMF says Argentina's economic situation "remains very challenging"

The International Monetary Fund on Thursday said Argentina's economic situation "remains very challenging and complex," pointing to very high inflation, and that recently adopted policy measures "add to Argentina's challenges." Argentina added yet another exchange rate as it announced that the oil sector could tap a much more favorable rate for the next two months.

The International Monetary Fund on Thursday said Argentina's economic situation "remains very challenging and complex," pointing to very high inflation, and that recently adopted policy measures "add to Argentina's challenges." Argentina added yet another exchange rate as it announced that the oil sector could tap a much more favorable rate for the next two months. The government also announced cash handouts to offset an August inflation spike. Yearly inflation hit 124%.

Ongoing engagement with Argentina "is in the interest of the fund," IMF spokesperson Julie Kozack said in a scheduled press briefing, adding that it is "too early to speculate" on the precise timing of the next program review. Asked about dollarization, a key subject in upcoming presidential elections, Kozack said it is up to each country but "not a substitute for sound macroeconomic policies."

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