“Important progress is being made toward strengthening Argentina’s economic policy plan, supported by a stand-by arrangement with the IMF. We are working hard to conclude these staff-level talks in short order and present a proposal to the IMF executive board,” the IMF said in a statement.

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Macri will include export tax hikes along with proposed budget cuts in an attempt to achieve his zero deficit target.

“A big component of the proposal will be tax increases concentrated on the export sector,” economist Gustavo Ber said told Reuters. “This can be advantageous from the point of view of generating a financial calm that is the tip of generating a greater expectation of economic recovery, which is where social pressures come from.”

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