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Montevideo, November 25th 2020 - 03:00 UTC

 

 

“Good progress” in Argentina/IMF negotiations for an Extended Fund Facility

Saturday, November 21st 2020 - 09:54 UTC
Full article 2 comments
Finance Minister Martin Guzman asked other members of the Group of 20 for their backing in Argentina’s IMF negotiations Finance Minister Martin Guzman asked other members of the Group of 20 for their backing in Argentina’s IMF negotiations
IMF “welcomed the authorities’ intention to request an Extended Fund Facility (EFF) arrangement and to underpin it with a broad political and social consensus” IMF “welcomed the authorities’ intention to request an Extended Fund Facility (EFF) arrangement and to underpin it with a broad political and social consensus”

”Good progress” has been made in parts of a new program between the International Monetary Fund and Argentina, IMF officials said in a statement on Friday. An IMF team visited Argentina to begin discussions on repackaging some US$ 45 billion the country owes the Fund.

”Good progress has been made in defining the initial elements of such a program, and further discussions are expected to continue virtually between the teams over the coming weeks,” Julie Kozack, deputy director of the IMF’s Western Hemisphere Department, and Luis Cubeddu, mission chief for Argentina, said in a statement.

Argentina is on track for a 12% economic contraction this year partly due to measures taken to combat the COVID-19 pandemic. Dwindling FX reserves have dragged its currency 25% lower versus the dollar so far this year, but in the black market it reaches just half its official value.

The IMF team “welcomed the authorities’ intention to request an Extended Fund Facility (EFF) arrangement, and to underpin it with a broad political and social consensus,” said the officials.

The EFF is a longer-term program that typically requires more economic reforms than a standby agreement, which was Argentina’s previous.

Earlier on Friday, Finance Minister Martin Guzman asked other members of the Group of 20 for their backing in Argentina’s IMF negotiations. He said under a new program Argentina will have to ensure it has “macroeconomic policies to account for the reality the country is facing” that include ways to address “social imbalances.”

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  • Freddy Worldwide

    The USA should quit trying to be friends with Spanish speaking Latin American countries. They will always hate our guts, seeing us as an extension of the UK, the hated, bitter rivals of the former big (but not great) Spanish empire. We should instead make trade deals with our trusted friends over in Asia and allow in Asians and Mahatma Gandhi Indians do the work now done by illegal Hispanics.
    Venezuela is a “great nation”? In what way are they “great”? What has Venezuela ever done for the world? What has any Spanish speaking country given the world? The great Anglos gave the world electricity, cars, internet, airplanes, steam engine, train, modern medicine, high yield farming, telegraph, telephone, soccer, baseball, microwave oven, the chip, transistor, Coca-Cola, YouTube, penicillin...

    Posted 2 days ago 0
  • Chicureo

    Dear Mr. Freddy Worldwide


    As a lowly educated mestizo campesino (who never was privileged to attend a traditional university like you) — I find your words have a double meaning. That I've learned to be very cautious of as it is the gringos we learn (as best described by the original inhabitants of the USA) speak with a forked tongue.

    In any case — the “Hispanics” you worry about — have already nearly conquered your country. (Factually politically — demographics — and commercially.)

    Many would also suggest you rethink your inspiration of replacing us with Asians as they will only subjugate and overtake your culture.

    I humbly suggest your attitude may indeed be an unfortunate case of indigestion — which can easily be resolved with a healthy diet — augmented with avocados and fresh fruit imported from your friendly Latin countries.

    (As far as ANYONE thinking about extending credit lines to my cousins in Argentina — I would suggest you simply are just as insane as our cousins are.)

    ¡Saludos de Chile!

    Posted 2 days ago 0
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