[NEWS] Argentina asks the IMF to open the negotiation on its debt

[YaKuZa--BoSs]

The Latin American country faces "important needs" in the balance of payments due to the 44,000 million dollars it owes to the IMF

 

 

The Government of Argentina has sent a letter to the International Monetary Fund (IMF) this Wednesday to formally request the opening of talks with a view to agreeing on a new credit program with the multilateral organization.

The letter was sent by the Argentine Minister of Economy, Martín Guzmán, and the president of the Central Bank, Miguel Pesce, to the managing director of the IMF, Kristalina Georgieva, after she had an extensive conversation with the president this morning. from Argentina, Alberto Fernández.

In the letter, the Argentine government states that the country faces "significant needs" in the balance of payments for the 2021-2024 period, mostly associated with the debt payments it must make to the IMF, for about 44,000 million dollars.

Upon assuming the Presidency last December, Fernández suspended an agreement with the IMF, signed in 2018 for 57,000 million dollars, of which Argentina had received about 44,000 million dollars, and renounced the pending tranches of the agreement.

Argentina "to a large extent, has already put the accounts in order with the creditors and will begin working today to do so with the international credit organizations, especially the IMF," added the president of the country of La Plata.

Argentina is a few days away from closing a debt swap for some 66,000 million dollars issued in bonds under foreign legislation. The term to adhere to the swap ends next Friday and the results will be known the following week.

The Argentine public debt amounts to a total of 324,000 million dollars, almost 90% of the Gross Domestic Product.