Negotiations between the International Monetary Fund and Argentina over a new IMF loan program are “very fluid and constructive,” and Argentine officials are expected to visit Washington in the coming days to continue the talks, IMF spokesman Gerry Rice said on Thursday.
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Rice told a regular news briefing that a recent IMF staff mission to Buenos Aires made “good progress” in defining Argentina's economic reform plans' initial elements.
He said the two sides “share the view that tackling Argentina’s challenges will require a carefully balanced set of policies that foster stability, restore confidence, protect the most vulnerable people in Argentina and set the basis for sustainable and inclusive growth as Argentina battles its economic challenges, and of course, battles the pandemic.”
Argentina is aiming at replacing its failing $57 billion IMF program, launched in 2018 as the most extensive program in the Fund’s 75-year history. About $45 billion in IMF funds have been disbursed under the program.
Argentina isn't going to rush its talks with the IMF on a new program, and a deal by March or April would be acceptable, Economy Minister Martin Guzman tells the FThttps://t.co/vpuzXTyENn
— Eric Martin (@EMPosts) November 29, 2020
Rice said there was not a timeline yet for a potential agreement on an IMF-supported program for Argentina. Authorities in the countries were working to secure “broad political and social support” for a new economic plan.
Rice said the IMF’s current overall lending commitments are about $280 billion out of about $1 trillion in total lending resources. More than $100 billion of that had been approved since the COVID-19 pandemic started early this year, including $31 billion in emergency coronavirus financing for 78 countries.