The peso got slammed for a third day on Wednesday, despite President Mauricio Macri's measures to soften the impact of austerity on voters.
International Monetary Fund Managing Director Christine Lagarde's resignation comes two weeks after her nomination on July 2 for the ECB top job.
The loan was agreed upon last year after the nation was hit by a sharp depreciation of the peso amid double-digit inflation.
The head of the IMF has temporarily stepped down as she waits to find out whether she will become the first woman to lead the powerful ECB.
The deal comes after months of negotiations over what will be Pakistan's 22nd bail out aimed at staving off a potential balance-of-payments crisis as the country struggles with a stagnating economy.
Pakistan's Finance Minister Asad Umar says he's confident Islamabad will secure International Monetary Fund bailout, following PM Imran Khan's meeting with fund's chief Christine Lagarde in Dubai.
Since Tunisia’s popular uprising in 2011, living standards have eroded as political turmoil and lack of reforms deterred investment needed to create jobs.
The money will be used to boost foreign currency reserves at Pakistan's central bank as the country faces a balance of payment problem.
A $3.9 billion stand-by aid agreement for Ukraine has been approved by the IMF, ahead of a turbulent election period. The World Bank has also announced a $750 billion loan guarantee.
As the use of cash declines and interest in cryptocurrencies grows, some financiers think it’s time for central banks to enter the e-money market. But experts think otherwise.
Finance Minister Asad Umar says the main purpose of the talks with the International Monetary Fund will be a "stabilisation recovery programme" to control the country's economic crisis.
The war in Yemen is far more than just a political struggle. The political struggle does not even begin to capture a fraction of what the conflict is really about.
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