Argentina seeking credit line from IMF

BUENOS AIRES, Argentina – President Mauricio Macri says Argentina has begun talks with the International Monetary Fund about a credit line following sharp devaluation of its currency.

Macri said Tuesday that he’s in talks with the head of the IMF to obtain a credit line to combat economic woes and a difficult “global scenario.”

Argentina was forced to impose three recent interest rate hikes to halt a sharp devaluation of its peso.

The peso fell to a historic low versus the U.S. dollar and Argentina’s debt sank in price last week after a string of monetary and fiscal policy decisions that have been criticized by investors.

The government’s woes began in December when investors began doubting its commitment to curb consumer prices after it announced a rise in its inflation target to 15 per cent.