Argentina is to start talks about a financing deal with the International Monetary Fund (IMF) on Wednesday amid reports it is seeking $30bn (£22bn).
Finance minister Nicolas Dujovne is due to fly to the IMF’s Washington offices.
After recent turmoil that saw interest rates hit 40%, President Mauricio Macri said IMF aid would “strengthen growth” and help avoid crises of the past.
The talks come 17 years after Argentina defaulted on its debts and 12 years since it severed ties with IMF.
“This will allow us to strengthen our program of growth and development, giving us greater support to face this new global scenario and avoid crises like the ones we have had in our history,” he said.
Local media and Bloomberg reported that Argentina was seeking $30bn, although the government declined to comment.
Many people still blame IMF austerity requirements for policies that led to a financial and economic meltdown in 2001 to 2002 that left millions of middle class Argentines in poverty.
Argentina eventually defaulted on its debts. And although its last IMF loan was paid down in 2006, the country severed ties with the Washington-based body.
Mr Macri said Argentina was suffering as a result of high oil prices and the expectation that US interest rates would rise in the coming months.
Argentina has had a turbulent relationship with the IMF.
In 2013 the country was censured by the Fund over the inflation and economic growth data published by the administration of President Cristina Fernandez de Kirchner. It was a step in a process that could ultimately have led to Argentina’s expulsion from the IMF.
Earlier, many had blamed the IMF for contributing to a financial and economic crisis that came to a head around the end of 2001, which set back living standards severely.
Relations have improved under the current president, Mauricio Macri, whose approach to economic policy was much more consistent with that favoured at the IMF.
The prospect of a new IMF loan will test that improvement. It will come with economic policy conditions, including almost certainly spending cuts and tax rises, which are likely to aggravate political strains in Argentina.
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