BUENOS AIRES, Argentina — Argentina opened discussions with the International Monetary Fund on Tuesday about obtaining a “line of financial support”, President Mauricio Macri announced amid a bout of market turbulence in Latin America’s third-largest economy.

In a televised speech, Macri said Argentina’s economy had enjoyed favourable conditions during the first two years of his presidency.

“But this context is changing. We are among the countries of the world that are most dependent on foreign financing, a product of the enormous public spending we inherited and are putting in order,” he said, explaining the decision to open talks with the IMF.

Macri said he had his first conversation with IMF Managing Director Christine Lagarde, but did not say how big a line of credit Argentina is seeking.

IMF financing would strengthen his “programme of growth and development, giving us greater backing to confront this new global scenario and avoid a crisis like those we have had in our history”, he said.

Lagarde later said, “Discussions have been initiated on how we can work together to strengthen the Argentine economy, and these will be pursued in short order.”

The Argentine peso, which dropped 4.61 per cent to 23.41 to the US dollar in opening trades yesterday, strengthened slightly after Macri’s speech at 23.06.