BUENOS AIRES — Argentina's government has formally initiated talks with the International Monetary Fund on a new program, it said in a statement on Wednesday, as the country takes the next step to recover from a crippling debt crisis. In a letter to IMF head Kristalina Georgieva, Argentina's economy minister and central bank chief requested formal talks that would lead to a new program to succeed the "canceled and derailed 2018 stand-by arrangement." "We are determined to restart the process of pursuing a consistent fiscal path once the effects of the pandemic disappear," the letter said. The IMF agreed to float cash-strapped Argentina a $57 billion financing program in 2018 under the previous administration of Mauicio Macri.

Source: International New York Times August 26, 2020 18:34 UTC