The vice president of Argentina, Cristina Fernández de Kirchner, denounced that the agreement reached between former Argentine president Mauricio Macri and the International Monetary Fund (IMF) in 2018 was “scandalous” and “a scam against the Argentine people.”

Fernández de Kirchner reacted in this way to the recent report prepared by the auditors’ association of the General Audit of the Nation, which detected numerous irregularities in the granting and subsequent realization of the financial credit granted by the IMF.

The General Audit of the Nation is the constitutional body that has control of the legality, management and audit of all state activity, as recalled by the Argentine vice president and reported by the national news agency Télam.

Thus, in the report of the aforementioned body “it is detailed how Macri’s officials exchanged roles and functions to commit fraud to all the Argentine people.”

The Argentine authorities and the IMF agreed in March 2022 on a “reformulation” of the financing program in response to the impact of the drought on the Argentine economy. Macri agreed with the IMF in 2018 on a loan of 50,000 million dollars that has been reviewed repeatedly due to the inability of Buenos Aires to face the debt.

K. Tovar

Source: Clarin

(Reference image source: Pepi Stojanovski, Unsplash)

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La entrada Cristina Fernández denounced Macri’s agreement with the IMF apareció primero en Bitfinance.

The International Monetary Fund (IMF) and the Argentine authorities have reached an agreement at staff level on the second review under the Fund’s Extended Service Agreement, so that once the review is complete, Argentina will have access to close to 3,900 million dollars (3,897 million euros).

The Fund team, led by Luis Cubeddu, deputy director of the Western Hemisphere Department and chief of mission for Argentina, said the review has focused on assessing progress since the completion of the first review, updating the macroeconomic framework and reaching agreements. on a package of sound policies to further entrench macroeconomic stability and ensure sustained and inclusive growth.

In this context, it was agreed that the key objectives established at the time of the approval of the agreement, including those related to the primary fiscal deficit and net international reserves, will remain unchanged until 2023.

“This approach provides a vital anchor to continue rebuilding credibility and sustain the renewed commitment to implement the program, around the authorities’ pillars related to fiscal order and the accumulation of reserves”, the agency said.

Most of the objectives of the quantitative program until the end of June 2022 have been met, with the exception of the floor of net international reserves, mainly due to a higher than programmed growth in the volume of imports and delays in official external support.

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Source: dpa

La entrada IMF and Argentina reach an agreement on second review of debt apareció primero en Bitfinance.

The Government of Argentina has this Friday a debt maturity with the International Monetary Fund (IMF) of 730 million dollars corresponding to the 45,000 million loan that the agency granted in 2018 to the previous Administration of Mauricio Macri.

With this maturity, the Government enters a successive stage of maturities that continues on February 1st, with a payment of 365 million dollars, and continues with maturities of approximately 2.9 billion dollars in March.

The Executive continues to negotiate with the Fund a restructuring of the credit that it received in 2018. To the question of whether the Government will make the payment of the coming maturities in these months, there is still no answer.

This follows from the statements this Thursday by the spokesperson for the Presidency of Argentina, Gabriela Cerruti, who has not confirmed whether or not the Government will make the payment of interest owed.

The spokeswoman indicated that the government’s decision will be one or the other depending on “how the talks progress.”

Without offering more details, Cerruti explained that the South American country seeks a growth path in its agreement with the IMF, in addition to defending “the rights of workers and retirees, spending on social matters, investment in technical science, investment in education and the rights of workers and above all that the path of production and growth continues so that we can continue to arrive with genuine employment, with education, with good pensions for all Argentines”.

Source: dpa

La entrada Argentina’s debt with the IMF expires on Friday apareció primero en Bitfinance.

The International Monetary Fund (IMF) held “productive meetings” with Argentina to advance an economic program and the restructuring of 44,000 million dollars of debt that the country requested under the administration of Mauricio Macri.

As revealed by the agency, an IMF team headed by Julie Kozack, deputy director of the Western Hemisphere Department, and Luis Cubeddu, the Fund’s chief of mission for Argentina, met with the Argentine Minister of Economy, Martín Guzmán, and his team from the July 8-12 in Venice with the aim of deepening the technical work necessary to develop an IMF-supported program.

“Argentine authorities and IMF technical staff held productive meetings to advance technical work toward an IMF-supported program,” the Washington-based institution details.

Among other topics, the teams discussed the evolution of the global environment and the pandemic, as well as its implications for Argentina’s macroeconomic framework. In this context, talks between the parties focused on policies to strengthen recovery, economic stability and job creation.

Likewise, Argentina and the IMF made progress in identifying policy options to develop the domestic capital market, mobilize tax collection, and strengthen the country’s external resilience.

The Fund affirmed that it will continue working with the Argentine authorities with the objective of deepening “even more” its understanding in “key areas”. “Our objective is to support Argentina in addressing its economic and balance of payments challenges in a lasting way”, the statement added.

K. Tovar

Source: IMF

La entrada IMF and Argentina work on debt restructuring apareció primero en Bitfinance.