IMF chief says new loan deal with Argentina 'pragmatic,' hard work ahead to finalize

The head of the International Monetary Fund on Thursday said an agreement reached in principle with Argentina on a new standby loan was "pragmatic" and aimed at dealing with the Latin American country's most significant structural problems.

Managing Director Kristalina Georgieva said details of the program were still being worked out, and there was hard work ahead in coming weeks. She said the global lender recognized the limitations of what could be done, citing political opposition.

The main focus, she said, was to get Argentina out of the "very dangerous path of high inflation," but the staff agreement being worked out would include structural conditions aimed at ensuring Argentina raised its tax revenues and boosted transparency of public spending.