Date: Mon, 24 Feb 2020
Author: by Andrea Shalal in Riyadh
Source: reuters.com
On Sunday, U.S. Treasury Secretary Steven Mnuchin accepted Argentina’s discussion with the International Monetary Fund after the heavily indebted Latin American country said it would initiate consultations leading to a brand-new funding program.
Mnuchin reported to Reuters pointing out he had a worthwhile meeting together with Argentine Economy Minister Martin Guzman on the side-lines of a meeting of finance officials from the world’s 20 largest economies (G20) in Riyadh.
IMF officials had also updated for G20 finance ministers and central bankers with regards to the situation in Argentina - a debt situation the IMF described as “unsustainable” last week. “There are many issues that still need to be addressed,” Mnuchin had also mentioned in an interview.“The conversations that they’re having with the IMF are preliminary but are moving in the right direction.”
Guzman’s minister added that the meeting between the two officials lasted about half an hour. In a post on Twitter, he had also used the word “productive” describing the meeting with Mnuchin.
The Argentine minister on Saturday mentioned, Argentina would commence Article IV consultations with the IMF that could help to lead the way for an IMF program. This would be a move; experts anticipate it will bolster reassurance for bondholders as Argentina remains under IMF supervision.
The country, dodged on debt obligations eight times thus far, is facing tough negotiations with creditors and the IMF to restructure around $100 billion in debt that the Argentine government refuses to pay unless time is provided to revive stalled economic growth.
In 2018, Also, the IMF granted Argentina a $57 billion standby financing agreement. However, that program was agreed by the previous government and has been essentially on ice since the election.
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