The International Monetary Fund’s discussions with Argentina have been very productive and the fund is willing to do whatever it can to help get the Argentine economy back on a solid footing, an IMF official told reporters.
The fund is closely tracking Argentina’s discussions with its creditors, and is hopeful that an agreement can be reached to restore the country’s debt sustainability, the official said.
Argentina, gripped by a recession for the last two years, is racing to head off a ninth sovereign default even as the rapidly spreading coronavirus pandemic looks set to trigger a deeper downturn in its economy.
Argentina last week unveiled a proposal to restructure some US$ 68bn of its foreign debt that would include a three-year moratorium on payments and reduce coupon payments by around 62%.
“We’re continuing to track the ongoing discussions that Argentina is having with private creditors. I think we’re hopeful that at some point there’s an agreement that can be reached there that would restore debt sustainability,” the IMF official said.
The official added that the global lender was exploring options to help countries like Argentina that faced debt challenges, while sticking to its own strict guidelines aimed at safeguarding the fund’s resources.
“We’ve trying to explore every avenue to see what we can do to be of assistance,” the official said, but declined to provide further details.
The IMF separately extended Argentina US$ 44 billion as part of a 2018 agreement. Argentina in February agreed to start Article IV consultations with the IMF and opened the door to a new program, but it has not formally initiated those steps.
“Our conversations with Argentina have been very productive,” the official added. “We are willing to do whatever we can to help Argentina get its economy back on a solid footing.”
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EMApr 25th, 2020 - 10:31 pm +4
Always praising CFK (and VP Alberto)...no matter what they do.....and remember, they are still on the honeymoon with the 'people'...
Argentina reached technical default before the Macri administration ended its term last December...
Would it not be better said that Argentina reached technical default before the Macri administration started its term in January 2016 ?
C'mon Reekie, be impartial....even Economy minister Martin Guzman has acknowledged the debt contracted by the Macri administration as well as previous administrations.....
as well as previous administrations....meaning CFK's ???
By the way, Kamerad/Komrade, about this little snippet...Apr 25th, 2020 - 11:50 pm +2
I also reserve my right to seek damages for threats expressed in the sentence reading: “It's really too bad you can't end up in El Helicoide.” This statement is alarming and promotes the wish that I be a victim of kidnapping and murder by being thrown from a helicopter as routinely done in Argentina during the civic-military dictatorship that usurped the power between 1976 and 1983.
You are admitting that El Helicoide is an infamous prison known for the torture and disappearance of opponents of the Maduro regime...torture and disappearances YOU SUPPORT. Good luck with that court case, Kriminal.
Speaking of isolation getting to them...Apr 26th, 2020 - 05:08 am +2