Fernández: Argentina must overcome unsustainable public debt

The new president of Argentina, Alberto Fernández, assured during the investiture act that the Latin American country intends to pay the “unsustainable” public debt left by the management of its predecessor, Mauricio Macri, but said that “it has no the capacity to do what”.

“Solving the problem of unsustainable debt is not a matter of winning a dispute against anyone. The country has the will to pay but lacks the capacity to do so,” said the new president.

Focus on the economy

According to outgoing Government data, Argentina accumulates a total public debt of 314,315 million dollars, compared to 240,000 million at the end of 2015, of which almost 44,000 correspond to the 56,300 million loan from the International Monetary Fund (IMF).

Fernández said that the solution to the current problem that Argentina is going through is to promote its own project and thus avoid “recipes that have always failed” reiterating that there will be incentives “to produce and not to speculate.”

Fernández said he will seek a “constructive and cooperative relationship” with the International Monetary Fund (IMF), which in 2018 approved for Argentina a loan of 56.3 billion dollars, and the rest of creditors, and regretted that it receives a “fragile” and “weak” country.

K.Villarroel

Source: bancaynegocios