Argentinian President Mauricio Macri has asked the International Monetary Fund to release a $50-billion (Rs 3.53 lakh crore) loan early amid concerns that the country will be unable to meet its debt obligations for 2019. Macri said on Wednesday that the move was intended to restore market confidence in the Argentine economy, BBC reported.

In a televised address, Macri said Argentina has agreed with the IMF “to advance all necessary funds to guarantee compliance with next year’s financial programme”, The Guardian reported. The president’s assertion came on a day the Argentinian peso fell to an all-time low of 34.2 against the United States dollar.

The Argentine economy has experienced 30% inflation in July, one of the highest in the world. The country signed an agreement with the IMF in May after a sharp depreciation of the peso.

In a statement on Wednesday, the IMF said it would “revise the government’s economic plan with a focus on better insulating Argentina from the recent shifts in global financial markets, including through stronger monetary and fiscal policies and a deepening of efforts to support the most vulnerable in society”.