Argentina on Saturday agreed to start consultations with the International Monet...
RIYADH/BUENOS AIRES - Argentina on Saturday agreed to start consultations with the International Monetary Fund that could lead to a new financing program, days after the global lender said the country’s debt situation had become “unsustainable”.
Guzman and Georgieva met on the sidelines of a meeting of finance officials from the world’s 20 largest economies in Riyadh, Saudi Arabia this weekend. Finance officials at the G20 meeting expressed relief that Argentina had agreed to remain engaged with the IMF, saying it lowered the risk of a messy default at a time when the global economy is facing heightened risks due to the fast-spreading coronavirus.
Argentina is facing tough negotiations with creditors and the IMF to restructure around $100 billion in debt that the country’s new Peronist government says that it cannot pay unless given time to revive stalled economic growth. “In this context, I welcomed the Argentine authorities’ commitment to continue to deepen our engagement including through an Article IV Consultation and steps toward a Fund-supported program in the future. The modalities of these next steps will continue to be discussed,” she said.
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