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After President Mauricio Macri’s announcement regarding the government’s decision to start negotiations with the International Monetary Fund (IMF) aimed at getting a line of credit, following a sharp devaluation of the currency, the organization’s director Christine Lagarde issued a press release confirming the talks are underway.

“Argentina is a valued member of the International Monetary Fund. I very much welcome President Macri’s statement today and look forward to our continuing partnership with Argentina. Discussions have been initiated on how we can work together to strengthen the Argentine economy and these will be pursued in short order,” reads the brief statement.