Argentina seeks new loans from IMF

Argentine officials say they are seeking new loans from the International Monetary Fund to help the country out of its current financial crisis.

The Argentine Fiance Secretary, Daniel Marx, told reporters in Washington that he was seeking to increase the existing loan programme, which currently stands at about $14bn.

Mr Marx was speaking after some 10 hours of talks between the two sides.

The Argentine delegation has extended its stay in Washington for further discussions.

Reuters news agency quotes sources at the IMF as saying that the world body is finalizing an agreement on the disbursement this month of more than $1bn from an existing IMF loan - money originally set for September, but brought forward as the economic situation deteriorated.

The IMF board is due to meet in 10 days' time for formally approve the latest decision, provided the talks have been successful.

From the newsroom of the BBC World Service