Crisis-hit Argentina hopes for improved IMF deal this month

WASHINGTON/BUENO S AIRES, (Reuters) - Argentina’s government said on Tuesday it hoped the International Monetary Fund would agree in the second half of September to a deal giving the country more financial support as it seeks to escape a deepening economic crisis.

Economy Minister Nicolas Dujovne met IMF chief Christine Lagarde in Washington and both said they were working together to improve a $50 billion standby finance deal agreed with the IMF’s executive board in June.

“We are trying to get it voted on by the (IMF) board .... in the second half of September,” Dujovne said after the meeting.

He said the two sides still needed to work out the details of a proposal, and declined to give details about what that might look like.

Lagarde said she and Dujovne had made progress toward strengthening the IMF-backed program for Argentina.

“Our discussions will now continue at a technical level and, as stated before, our common objective is to reach a rapid conclusion to present a proposal to the IMF Executive Board,” Lagarde said in a statement.

An IMF spokesman said it was unclear when the IMF board would be able to vote on potential changes to the Argentina program. The board had planned to review the previous deal’s progress this month. But the status of that meeting is now uncertain because of the negotiations with Dujovne’s team.

Argentina is struggling to break free from cyclical financial crises that have hit the country every decade over the past 60 years.