MercoPress. South Atlantic News Agency

IMF Chief ratifies agency's support to Argentina

Massa plans to make an international tour to get funding for the country's meager coffers

International Monetary Fund (IMF) Managing Director Kristalina Georgieva congratulated Argentina's Economy Minister Serio Massa on his appointment and ratified the agency's support for the country's recovery, it was reported Wednesday.

 It was the first formal communication between both officials, ahead of Massa's trip to Washington later this month.

The head of the International Monetary Fund (IMF), Kristalina Georgieva, sent Wednesday a letter to the Minister of Economy, Sergio Massa, in which she congratulates him on his arrival in Alberto Fernández's Cabinet and ratified the support of the multilateral credit organization to Argentina.

“Receive my most sincere congratulations on your appointment as Minister,” wrote Georgieva while ratifying “the Fund's extended financing agreement.”

According to the IMF head, Massa's “expertise, including in Argentina's National Congress, can prove vital in helping Argentina and its people meet their most pressing economic and social challenges.”

Georgieva insisted that “the IMF remains a committed partner in supporting Argentina's efforts, especially at this important time” and hoped “to continue deepening that relationship to support the implementation of the economic program of his Government, backed by the Fund's extended financing agreement” in order to “safeguard economic stability and ensure sustainable and more equitable growth in Argentina.”

Massa plans to travel to Washington in two weeks to meet with Georgieva and ratify his commitment to lowering the fiscal deficit. The new superminister of Economy, Production and Agriculture plans to travel to Washington, New York, Paris, and Qatar, to build on the “dollar factory.” In other words, to boost the country's reserves in foreign currency.

Massa's entourage wants to visit the directors of the U.S. Treasury Department, the World Bank, and the IDB. It is also expected to visit Wall Street investors and bondholders after Silvina Batakis's step before she was removed from office. In addition, it is planned to meet with institutional investors and officials of the Qatar Sovereign Wealth Fund.

An IMF disbursement scheduled for September, after the second review of the agreement, will depend on the steps taken by then by the administration of President Alberto Fernández.