MercoPress. South Atlantic News Agency

Massa might have to travel to US to finalize deal with IMF

Massa hopes “to pay the Fund and to make it leave Argentina”

Argentine Economy Minister and presidential contender Sergio Massa might travel to the United States later this week to close an agreement with the International Monetary Fund whereby the global agency would give the South American country some US$ 8.5 billion, it was reported in Buenos Aires.

The negotiations were unblocked after talks this weekend between Massa and the IMF Managing Director Kristalina Giorgieva.

The exact amount of the disbursements to be made by the Fund in the coming months, as well as the timing of the disbursements, are aspects to be finalized in Washington DC.

As per the agreement currently in force, the IMF was expected to disburse some US$ 4 billion in June, some US$ 3.4 billion at the beginning of September, and another US$ 3,400 million at the beginning of December.

At the same time, Argentina postponed to July 31 the payment of almost US$ 2.7 billion.

Massa insisted Sunday that “We have set ourselves the challenge to discuss as equals and equals defending our conviction, our sovereignty, and the interest of Argentina with the Fund.” said the national official. “We have also set as a country project a challenge for the next four years, which is to work on achieving our own accumulation of reserves to pay the Fund and to make it leave Argentina,” the presidential hopeful added.

Last Thursday, the IMF said talks with the Argentine Government were ongoing towards a reformulation of the current agreement, but gave no signs of looming results shortly. The agency also denied having received a letter from China, a member of the Board of Directors, supposedly urging the institution to reach an understanding with Argentina.

(Source: Ámbito)