The International Monetary Fund chief said it has made progress in talks with Argentinian officials towards strengthening the country’s $50 billion IMF-backed economic plan, “in the face of renewed financial volatility”.
“We made progress in our meeting and we will be working together to further strengthen the Argentine authorities’ IMF-backed programme,” Ms Lagarde said in a statement on Tuesday night.
“Our discussions will now continue at a technical level and, as stated before, our common objective is to reach a rapid conclusion to present a proposal to the IMF Executive Board.” The meetings are to continue on Wednesday.
The IMF last week agreed to revise the terms of its $50 billion Argentina bailout package after the peso plunged to a record low against the dollar and Argentinian president Mauricio Macri made a public plea for the lender to speed up distribution of the money.
The IMF distributed in June $15bn, the first tranche of the 2019 financing programme for Argentina.
The Argentinian peso has weakened by about 24 per cent against the dollar since the start of the month and more than 53 per cent of its value since the beginning of the year to trade at 38.95 to the dollar on Wednesday morning. It was worth around 18 to the dollar at the start of the year.
Meanwhile, inflation in Argentina has exceeded 25 per cent and left many citizens struggling. Hundreds of people took part in protests in Buenos Aires on Monday.
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Read more:
IMF and Argentina to meet on Tuesday in hope of averting economic collapse
Argentina's $50bn loan talks with IMF on right track
Argentina hikes interest rate to one of the world's highest amid falling peso
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Following the meeting in Washington between the IMF, Argentina’s economy minister Nicolas Dujovne, and Central Bank deputy governor, Gustavo Cañonero, Argentina’s government said it hoped the IMF would agree in the second half of September to a deal giving the country more financial support as it faces a deepening economic crisis.
In an effort to stem the decline, Argentina’s Central Bank last week hiked its benchmark interest rate to 60 per cent from 45 – one of the world’s highest – but the measure proved fruitless as the peso shed a further 13.5 per cent by close of play.
The day before the Washington talks, President Macri announced plans to halve the number of government ministries and reinstate a tax on grain exports to bring budget deficits under control. At the current exchange rate, the move would put an extra $7.1bn in state coffers, according to Reuters.
The president, who is known to be market-friendly, appealed to wealthy Argentinian exporters to cooperate and understand the reasons behind such tough new fiscal measures.
“We know this is a bad tax, but I have to ask them to understand that it is an emergency and we need their contribution,” Mr Macri said in a televised address on Monday. “We must move a lot faster.”
Killing of Qassem Suleimani
Killing of Qassem Suleimani
Jigra
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
No more lice
Defining head lice
Pediculus humanus capitis are tiny wingless insects that feed on blood from the human scalp. The adult head louse is up to 3mm long, has six legs, and is tan to greyish-white in colour. The female lives up to four weeks and, once mature, can lay up to 10 eggs per day. These tiny nits firmly attach to the base of the hair shaft, get incubated by body heat and hatch in eight days or so.
Identifying lice
Lice can be identified by itching or a tickling sensation of something moving within the hair. One can confirm that a person has lice by looking closely through the hair and scalp for nits, nymphs or lice. Head lice are most frequently located behind the ears and near the neckline.
Treating lice at home
Head lice must be treated as soon as they are spotted. Start by checking everyone in the family for them, then follow these steps. Remove and wash all clothing and bedding with hot water. Apply medicine according to the label instructions. If some live lice are still found eight to 12 hours after treatment, but are moving more slowly than before, do not re-treat. Comb dead and remaining live lice out of the hair using a fine-toothed comb.
After the initial treatment, check for, comb and remove nits and lice from hair every two to three days. Soak combs and brushes in hot water for 10 minutes.Vacuum the floor and furniture, particularly where the infested person sat or lay.
Courtesy Dr Vishal Rajmal Mehta, specialist paediatrics, RAK Hospital
Company%20Profile
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About Okadoc
Date started: Okadoc, 2018
Founder/CEO: Fodhil Benturquia
Based: Dubai, UAE
Sector: Healthcare
Size: (employees/revenue) 40 staff; undisclosed revenues recording “double-digit” monthly growth
Funding stage: Series B fundraising round to conclude in February
Investors: Undisclosed
UAE currency: the story behind the money in your pockets
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Joker: Folie a Deux
Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson
Director: Todd Phillips
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Moon Music
Artist: Coldplay
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