“Argentina faces very dramatic challenges, the country is in deep recession and social conditions are worsening”, was the response of IMF chief Kristalina Georgieva when asked about the difficult challenges faced by Argentina and if the current government has the political will and consensus to move forward with a plan to restore confidence.
An International Monetary Fund mission concluded a visit to Argentina on Sunday, after several days of preliminary talks aimed at repaying about US$ 44 billion owed by the cash-strapped government to the 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.
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 vice-president Cristina Fernandez de Kirchner insisted in her criticism of the IMF for the alleged violation of its statutes by awarding the previous Argentine administration of president Mauricio Macri a disproportionate credit, despite the fact the Fund rejected the accusation and ratified that no debt shaving is possible under its rules.
Recession-hit Argentina opened talks on Wednesday with a team from the IMF, seeking relief from what President Alberto Fernandez says is an unsustainable foreign debt. The delegation, led by Julie Kozack and Luis Cubeddu, arrived in Buenos Aires for a week-long visit as left-wing groups staged public protests to demand a suspension of debt payments.
IMF officials and Argentina's economy minister met in New York on Tuesday for what they called “productive” and “positive” talks as the South American nation looks for help from its main creditor to alleviate a challenging debt situation.
Argentine Economy Minister Martin Guzman will meet with International Monetary Fund officials in New York on Tuesday, an IMF spokesman said on Monday, as the government continues talks with its biggest creditor ahead of a massive debt restructuring.