Argentina economy chief: no talks underway over new IMF program

Argentina's Economy Minister Luis Caputo said on Thursday that there were no talks ongoing with the International Monetary Fund (IMF) over a new loan program, denying as "incorrect" a report saying that negotiations were underway.

"The Fund is open to exploring a new program, but we are not negotiating anything at the moment," Caputo wrote in a post on social media platform X, responding to a report that cited a government source. Argentina is the IMF's largest debtor, with a live $44 billion loan program that slid off track last year amid rising inflation and a deepening fiscal deficit. The two sides are already discussing how to revamp the current deal.

New libertarian President Javier Milei has pledged to turn around the country's economic crisis with tough austerity measures, which have gone down well with markets and investors but created tension with unions and regional governors.