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Peso plunges to record lows on IMF pleadings



When the Argentine government agreed the terms of the loan with the IMF in May, Macri said he expected his country's economy to recover and therefore not plan to use the money.

Buenos Aires had to close a deal the IMF after a strong devaluation of the peso. The three-year standby financing agreement aims to improve the country's ailing economy and help fight inflation, which is one of the highest in the world at almost 30 percent a year.

Still, some analysts have criticized the decision to speed up the IMF's rescue package saying it smells of desperation.

Many people in Argentina accuse the IMF of encouraging a fiscal policy that escalated the country's worst economic crisis in 2001

. At that time, millions of middle class citizens were struggling to recover in poverty.

"I know that these turmoil situations cause fear to many of you … I understand that and I want you to know that I make all the necessary decisions to protect you," Macri said.


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