(Bloomberg) -- International Monetary Fund Managing Director Christine Lagarde said Tuesday evening that IMF officials "made progress" with Argentine leaders seeking to reform the $50 billion credit line agreed upon in June following a sharp selloff in the peso last month.
Argentine Economy Minister Nicolas Dujovne declined to discuss precise timelines or how much of the credit line might be expedited. He called it a "very good meeting" speaking with reporters afterward.
Dujovne added that he expected the revised deal to likely come to the IMF Board for a vote in days. Lagarde said in her statement she hopes to come to a "rapid conclusion to present a proposal" to the board.
Dujovne said Argentina and the IMF are discussing the country’s fiscal and monetary policies, as well as the payments. Central bank Director Gustavo Canonero attended the meeting too.
The country’s peso weakened beyond 39 per dollar from 36.85 per dollar Friday before paring declines to close at 38.8800 on Tuesday. It’s depreciated over 50 percent in 2018, more than any other currency tracked by Bloomberg. The yield on Argentina’s century bond sold last year rose to 10.25 percent
(Updates to add markets in last paragraph.)