Germany's new Finance Minister Olaf Scholz has promised that Germany will invest in infrastructure, a key topic of the G20 gathering. Scholz also warned that protectionism could harm future economic prospects.
Inflation has hit 25 percent, the Argentine peso has lost about 20 percent of its value against the US dollar, and the federal budget is in deficit. The government hopes the IMF loan will get the country back on track.
Germany's finance minister defended open markets after a G20 meeting in Buenos Aires. Officials from other countries also warned against protectionism ahead of planned US tariffs on steel and aluminum.
The two-day gathering in Argentina comes at a tense moment, just a few days before the US will impose higher tariffs on steel and aluminum imports and new US trade measures reportedly targeted at China.
Chancellor Angela Merkel has spoken with Chinese President Xi Jinping about steel overcapacity and the US threat of tariffs. They are to work on solutions through the G20 group of industrialized nations.
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