Argentina and IMF Negotiate Face to Face to Solve Foreign Debt

Argentina's new government has decided to break, once and for all, the vicious circle that has affected the economy for decades, making people feel as if they were constantly living in quicksand. A technical mission of the International Monetary Fund (IMF) and the government of Alberto Fernandez have been negotiating since Wednesday the future of the foreign debt of the South American country, which was previously considered unpayable. 

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With the arrival of the technical mission in Buenos Aires on Wednesday, Argentina and the IMF are analyzing, face to face, the government's accounts and the practical possibilities of a new payment plan that will make the $44 billion debt that Mauricio Macri contracted with the IMF in 2018 "sustainable".

The International Monetary Fund (IMF) "is also responsible for the debt crisis" that the nation is going through, Argentina's Economic Minister Martín Guzmán told Congress on Wednesday.

"#Informative Session: The Minister of Economy @Martin_M_Guzman exposes the plan to renegotiate the sustainability of foreign public debt."

The visit of the IMF mission coincided with Guzmán's presentation to the Chamber of Deputies to analyze the new law for the restoration of the sustainability of the foreign public debt, which was recently voted on.

Countries with a crisis like the one Argentina is going through do not overcome it "until they stop being able to grow," Guzmán said while warning the international markets that the Latin American nation will not allow "foreign investment funds to set the tone for macroeconomic policy.

To get out of the crisis, Argentina needs the support of the countries that make up the IMF. That is why the Argentine president recently toured Europe, where he received a commitment of support from France, Spain, and Italy.

Meanwhile, from the Vatican, Argentinian Pope Jorge Bergoglio has called for the "reduction, delay or extinction of the debt", putting forward "the fundamental right of peoples to subsistence and progress".

The Alberto Fernández administration has a macroeconomic program "thought out and defined" that will seek to recover growth and social inclusion as a priority, concluded Guzmán.