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Montevideo, September 19th 2018 - 20:45 UTC

US announced support for Argentina at multilateral development banks

Friday, January 22nd 2016 - 04:15 UTC
Full article 4 comments
Treasury Secretary Lew informed Argentine Finance Minister Prat-Gay of the US change of position during their meeting in Davos Treasury Secretary Lew informed Argentine Finance Minister Prat-Gay of the US change of position during their meeting in Davos
Since 2011, the U.S voted against new loans to Argentina at the World Bank and Inter-American Development Bank. Since 2011, the U.S voted against new loans to Argentina at the World Bank and Inter-American Development Bank.
Biden: “I want the US press to observe something. The new president brought a member of the opposition with him. That's what we've got to do at home.” Biden: “I want the US press to observe something. The new president brought a member of the opposition with him. That's what we've got to do at home.”

The United States is ending its policy of opposing most lending to Argentina from multilateral development banks, the US Treasury Department announced. US Treasury Secretary Jack Lew informed Argentine Finance Minister Alfonso Prat-Gay of the move on Thursday when the two met in Davos, Switzerland, the department said in a statement.

 It said the United States will consider each Argentine project on its own merits.

The policy had been in place since 2011 as part of a larger US campaign to pressure Argentina to pay debts and other obligations to American investors a decade after Argentina defaulted on more than $81 billion of government bonds.

It meant the U.S voted against new loans to Argentina at the World Bank and Inter-American Development Bank.

Argentina's business friendly president, Mauricio Macri, has made swift reforms since taking office in December, including resuming talks to reach a deal over the unpaid debts with US hedge funds. Macri also has eliminated capital controls and cut onerous export taxes.

Lew said the United States was ending it policy in light of the new government's “progress on key issues and positive economic policy trajectory,” the Treasury statement said.

In related news President Mauricio Macri on Thursday held a bilateral meeting with US Vice President Joe Biden on his second day in Davos. Macri was accompanied by lawmaker and leader of the Renewal Front, Sergio Massa, who competed in the Argentine general elections and ended up in third place.

At the meeting Macri asked Massa to join him and Biden in a photo during the Thursday meeting.

Biden commented, “I want the American press to observe something. The new president brought a member of the opposition with him. That's what we've got to do at home.”

Macri also met with Prime Minister of Ireland Enda Kenny. They discussed cooperation projects in the technological sector. Macri was formally invited to visit Ireland.

After the meeting with the Irish leader, Macri held a brief encounter with the Mayor of Paris, Anne Hidalgo.

Top Comments

Disclaimer & comment rules
  • ElaineB

    Of course the U.S. wants to work with Argentina now the Kirchners are out of power. It was always going to be a turning point for Argentina to get rid of the K's - especially CFK. There is no hatred of Argentina or Argentines, just a reluctance to deal with the gangster government they had.

    Jan 22nd, 2016 - 10:34 am 0
  • chronic

    What could rottingroadkill possibly have to offer the US?

    Nada.

    Call your chinese and russian friends.

    Jan 22nd, 2016 - 08:54 pm 0
  • yankeeboy

    The new president brought a member of the opposition with him. That's what we've got to do at home.”
    Smilin' Joe is retarded and living in lala land like the rest of the Dems.
    Odumbo didn't even have Boehner's phone number when he was elected Speaker.

    Basically they said get everything worked out with your default and we'll stop blocking your loans.
    Seems fair.

    Jan 23rd, 2016 - 03:12 pm 0
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