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  • Argentine President Alberto Fernandez (r) and vice president Cristina Kirchner address a crowd in Buenos Aires, Argentina. June 9, 2020.

    Argentine President Alberto Fernandez (r) and vice president Cristina Kirchner address a crowd in Buenos Aires, Argentina. June 9, 2020. | Photo: Twitter/@OVargas52

Published 12 October 2020
Opinion

After a week-long visit, the International Monetary Fund (IMF) mission to Argentina announced today that discussions for a new debt restructuring program would begin in November.

In a statement at the end of their stay in Buenos Aires, the Fund's emissaries agreed to begin a dialogue in the middle of next month on a new program for the debt borrowed in 2018 by Mauricio Macri's government, consisting of more than $44 billion.

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The team headed by the deputy director of the Western Hemisphere Department, Julie Kozack, and the head of the mission for Argentina, Luis Cubeddu, said that they had productive meetings with authorities during these last days with various sectors.

Argentina is facing complex economic and social difficulties in the context of an unprecedented health crisis. The deep recession has caused an increase in the already high levels of poverty and unemployment, whose effects are aggravated by significant pressures in the exchange market, the Mission pointed out.

It was also agreed that a comprehensive set of policies could support the restoration of confidence, but would need to be appropriately calibrated to foster economic recovery and ensure macroeconomic stability.

During its visit, the IMF team noted that it was able to gain a deeper understanding of the authorities' policy plans to stabilize the economy and put it on a more sustainable and consistent growth path.

We share the authorities' commitment to policies that ensure pro-growth fiscal consolidation while protecting the most vulnerable, allowing for a gradual reduction in inflation and boosting job creation, investment and exports," the statement said.

During its trip to Argentina, the IMF, which reaffirmed its close collaboration with the authorities, met with Congress members, the private sector, trade unions, and civil society representatives "to discuss the multifaceted challenges facing the country and exchange views on how best to address them."

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Julie Kozack
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