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Montevideo, October 17th 2021 - 00:55 UTC

 

 

Argentine economy minister in New York for talks with IMF and US Treasury officials

Monday, January 27th 2020 - 08:19 UTC
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The trip will be Martín Guzman's first U.S. visit since being appointed to the key economy role by center-left President Alberto Fernández The trip will be Martín Guzman's first U.S. visit since being appointed to the key economy role by center-left President Alberto Fernández

Argentina's Economy Minister Martin Guzman iis in New York and on Monday will be participating of a conference at the Council of Americas. Later in the day he will meet h International Monetary Fund and U.S. Treasury officials, as part of Argentina's efforts to revive growth and renegotiate its debts.

Guzman, an acolyte of frequent IMF critic Joseph Stiglitz will meet with the Fund's Argentine mission head Luis Cubeddu, and economist Julie Kozak, as well as analysts,, investors and U.S. officials. He will also try to convince creditors of the Argentine province of Buenos Aires to defer until May first, the repayment of a US$ 250 million dollars bond which was due this Sunday.

Argentina is facing tense renegotiation over around US$100 billion in sovereign debt, including with the IMF, which will be critical for the country as it looks to fend off a default that would hit its access to capital markets.

The trip will be Guzman's first U.S. visit since being appointed to the key economy role by center-left President Alberto Fernández, who took office in December. It will be an opportunity to share his plans for the economy and debt.

Argentina's government sent a bill to Congress this week as part of its debt restructuring plans. Argentina which slipped into crisis in 2018 forcing it to strike a US$57 billion deal with the IMF, has said it wants to pay back its debts, but cannot do so without being given more time to revive growth.

According to Argentine sources Guzmán will not be flying to Washington to meet with IMF chief Kristalina Georgieva, since they are scheduled to meet on 5 February in the Vatican at an economic seminar organized by the Pontifical Academy of Social Sciences.

The IMF is expecting Argentina to formally present a medium term economic program before getting into the business of re-profiling the country's foreign debt. Guzman is expected back in Buenos Aires on Wednesday.

 

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