IMF and Argentina work on debt restructuring

Both parties are working on the negotiation of the 44,000 million dollars requested in the administration of Mauricio Macri

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

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