Argentina asks International Monetary Fund to release $50-billion loan early amid economic crisis

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Argentine President Mauricio Macri said on Wednesday he had requested IMF do so in order to "eliminate any uncertainty that was created before the worsening of the global outlook".

"Over the last week we have seen new expressions of lack of confidence in the markets, specifically over our financing capacity in 2019", Macri said.

IMF chief Christine Lagarde says she has instructed staff to work with the Argentine authorities to strengthen the Fund-supported arrangement.and to reexamine the phasing of the financial program.

Argentina's economy has been on a downward spiral since early this year when Argentina asked for the first installment of the 50-billion USA dollar credit line.

The run on the peso prompted Argentina to turn to the International Monetary Fund for the $50bn credit line earlier this year.

Speaking to reporters after the International Monetary Fund statement was issued, Argentina's treasury minister Nicolas Dujovne said the government would reduce the size of its financing program, but did not provide specifics.

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Pedestrians walk past an electronic board showing currency exchange rates in Buenos Aires' financial district, Argentina, June 29, 2018. The peso is down 49 percent this year.

The central bank said it won't cut the rate until December but the "emergency hike" doesn't seems to be working, at least for now, as the Peso was still down around 13.5% for the day, at 38.50/USD.

"President Macri and I had a productive conversation today".

But the peso has continued to drop and inflation has also been rampant, triggering a more desperate response from the government.

Argentina's biggest labor group, the CGT, said on Wednesday it will call a 24-hour general strike on September 25 to protest Macri's belt-tightening measures.

"I know that these tumultuous situations generate anxiety among many of you", Macri said.

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