“We have agreed that the IMF will forward all the funds necessary to guarantee compliance with next year’s financial program,” Macri said in a televised address. “This decision aims to eliminate any uncertainty that was created before the worsening of the international outlook.”
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The recently elected Macri took over from a socialist government on a pledge to normalize the economy and restore growth while tackling massive fiscal and current-account deficits that have weighed on investment sentiment.
While Argentina’s markets have experienced hefty selling this year, investors are reluctant to see value.
“Argentina is cheap, but it’s hard to see a near-term catalyst,” Greg Lesko, a money manager at Deltec Asset Management, told Bloomberg.
For more information on the developing economies, visit our emerging markets category.