Argentina will seek a new program with the International Monetary Fund whatever the outcome of talks with holders of its US$ 65 billion of defaulted overseas bonds, Economy minister Martin Guzman said.6 comments
Ecuador pushed forward with its debt overhaul plans on Monday, requesting a vote among its creditors on reconfiguring the terms of US$ 17.4 billion of its external bonds, with its largest group of creditors backing the proposal.
A spokesperson for the International Monetary Fund said on Tuesday that Argentina’s latest debt offer to its creditors is “an important step” in the restructuring process.
The International Monetary Fund expressed optimism that Argentina can reach an agreement with private creditors “to establish a sustainable path in the future” when the government of President Alberto Fernandez formally extended the deadline term to reach an understanding on the US$ 67 billion debt.
The technology companies that are reaping gains as a result of increased reliance on online systems during coronavirus quarantines and lockdowns should work to increase access to the digital economy for all, the head of the IMF said on Friday.
The International Monetary Fund (IMF) Executive Board met on Wednesday in an informal session to discuss a request from the Chilean authorities for a two-year arrangement under the Flexible Credit Line (FCL) with the IMF in an amount equivalent to SDR 17.443 billion (about US$23.8 billion or 1,000 percent of quota).
Argentine bonds jumped on Tuesday as the country’s government and creditors sought to strike a deal to restructure US$ 65 billion in foreign debt by May 22 after an initial deadline passed last week without a pact.
Mercosur member Paraguay has a high likelihood of bouncing back best once the novel coronavirus is contained, Rebeca Grynspan, head of the Ibero-American General Secretariat (SEGIB), told Radio Nacional del Paraguay on Thursday.
Argentina’s latest effort to restructure its overseas debt probably won’t be its last, according to ex IMF advisor and Harvard University economist Carmen Reinhart, who has sounded alarms overcoming emerging markets crises in Venezuela and Turkey.
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.