Argentina's inflation turned out to be the world's fourth-highest, according to the International Monetary Fund's (IMF) World Economic Outlook report released Tuesday in Washington.
IMF has no date yet set for its next visit to Argentina to discuss replacement to a failed 2018 program, a spokesman for the Fund advanced on Thursday. The parties could next meet in Washington soon, as Argentine Economy Minister Martin Guzman will visit the U.S. capital next month, according to Buenos Aires sources.
Argentina will layout “guideposts” this week for a restructuring of its nearly US$70 billion in foreign debt, but the country is not yet ready to make a formal proposal to creditors, according to political sources in Buenos Aires.
Argentina will revamp as much as US$ 68.8 billion in foreign law bonds as it restructures its debt, the government said in a decree on Tuesday, paving the way for tense negotiations as the country looks to strike a deal with creditors this month.
Argentina’s minister of economy met with representatives of several major creditors, including asset management firm Pimco, a company executive and a ministry source said on Wednesday, as separate talks continued with the International Monetary Fund.
The International Monetary Fund will send another mission to Argentina to continue debt strategy talks and discuss “next steps,” IMF spokesman Gerry Rice said on Thursday, as the country seeks to renegotiate its US$ 57 billion financing package.
U.S. Treasury Secretary Steven Mnuchin on Sunday welcomed Argentina's talks with the International Monetary Fund after the heavily indebted country said it would launch consultations, starting Monday, that could lead to a new funding program.
Argentina is thought to be on the brink of falling into its ninth sovereign default, prompting some analysts to speculate whether the crisis-prone South American country might be tempted to accept funding from China.
An IMF team, led by Julie Kozack Deputy Director of the Western Hemisphere Department and Luis Cubeddu Mission chief for Argentina, visited Buenos Aires from February 12 to 19, 2020 to discuss the recent macroeconomic developments and learn more about the Argentine authorities’ economic plans and policies. At the conclusion of the staff visit, Ms Kozack and Mr Cubeddu issued the following statement:
Argentine president Alberto Fernandez said that the country needs more time to honor its debt with the IMF and underlined he would like a commitment of the Fund with Argentina. He also welcomed what he described as a common sense dialogue with the IMF mission currently in Buenos Aires for a review of the country's finances and economic prospects.