Representatives of Argentina travel to Washington for negotiations with the IMF

Representatives of the Ministry of Economy and the Central Bank of Argentina They travel to Washington this Saturday to continue the negotiations opened since last year with the International Monetary Fund (IMF) to refinance multi-million dollar debts with that agency.

IMF sources consulted by Efe confirmed this Saturday that the agency’s team led by the deputy director of the Department for the Western Hemisphere, Julie Kozack, and the head of the mission in Argentina, Luis Cubeddu, will meet with the Argentine delegation in Washington at starting this weekend “to deepen technical discussions towards a program supported” by the Fund.

Argentina has been negotiating with the IMF since last year to refinance debts that are currently around US $ 43.3 billion derived from a financial aid agreement signed in 2018 between the organization and the then government of the conservative Mauricio Macri (2015-2019).

According to what was agreed three years ago, the South American country should pay the IMF, between capital and interest, US $ 19,020 million next year, 19,270 million in 2023 and 4,856 million in 2024, commitments that the Fernández Government assures that his country , with serious macroeconomic imbalances, is not in a position to cope.

Last Thursday, when speaking to businessmen in the industrial sector, the president of Argentina, Alberto Fernández, assured that the negotiations with the IMF are advancing “at a safe pace and with a firm pulse” and affirmed that “progress” has been achieved to reach an understanding with the organism.

“We continue negotiating with the IMF at a safe pace and with a steady hand. We want to reach an agreement that allows us to refinance the very large debt maturities for the next three years, ”said the president.

The 2022 principal payment maturities will begin in March, but the government aims to reach an understanding sooner.

In fact, the Fernández Executive has announced that it plans to send a bill to Parliament this December with the understandings that it has reached with the Fund’s “staff”.

The president said Thursday that the “multi-year” macroeconomic plan that Argentina wants the IMF to validate seeks to continue economic growth, with job creation and a reduction in high inflation.

“We are making progress in building understandings with the IMF so that, on that basis, we can reach an agreement,” said the head of state.

Fernández said that the Argentine representatives’ trip to Washington will seek to “continue to strengthen the progress” in the negotiation, a process that the Argentine Minister of Economy, Martín Guzmán, will supervise from Buenos Aires.