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  • Protest led by the Left Front against the Law on Management of the Sustainability of the Foreign Public Debt, Buenos Aires, January 2020.

    Protest led by the Left Front against the Law on Management of the Sustainability of the Foreign Public Debt, Buenos Aires, January 2020. | Photo: EFE

Published 20 February 2020
Opinion

If all parties show a willingness to agree, we will be able to grow again, Fernandez said.

Argentina's President Alberto Fernandez said Wednesday that the country's economy will be able to grow after the International Monetary Fund declared that the Latin American nation's debt is unsustainable and must be restructured.

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Argentinian Debt 'Unsustainable', Economic Crisis Deepens

"If all parties show a willingness to agree, we will be able to grow again. We will honor our commitments and we will have an Argentina back on its feet," the president said through his Twitter account.

At the end of the IMF's technical mission with the country, led by Julie Kozack, Deputy Director of the Western Hemisphere Department, and Luis Cubeddu, Mission Chief for Argentina, the new government expressed its satisfaction with the IMF conclusions after a week of negotiations. 

"I am pleased that the IMF recognizes Argentina's position on the debt process," Fernandez wrote on Twitter last night after the circulation of the international organization's document, which echoed the lack of sustainability of public debt and the need for a reduction in the present value of bonds in the hands of private holders.

The document is the desired first step in the renegotiation process. Although "this is just the beginning," as Fernandez explained, "the measures taken so far are in the direction of restoring Argentina's macroeconomic stability and protecting the poor," IMF Managing Director Kristalina Georgieva said recently during a meeting in Rome, Italy, with Argentine Finance Minister Martin Guzman.​​​​​​​

Even though the Fund made clear that it does not accept any withdrawal or reprofiling of its loans, which forces the Argentine government to enter into a new financing program if it decides to pay the huge capital maturities scheduled for 2022 and 2023, Argentina is optimistic.

"The meetings we had with the IMF mission have brought great value to the dialogue. We found a point of agreement and we are confident that the country can once again grow with social inclusion," the Economy Minister said on his Twitter account after attending a meeting on the economy organized by Pope Francis in Rome with Georgieva.

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