World's Capital for Visa Services and Documentation

Argentina delegation scheduled to fly to the US for IMF meetings next week, according to source

A source with knowledge of the negotiations told Reuters on Friday that the Argentine government will dispatch a group to Washington the next week in an effort to conclude the restructuring of its $44 billion loan with the International Monetary Fund (IMF).

n case of delays, the group had originally intended to leave as early as June.

The third-largest economy in Latin America plans to alter the timing of the advance distributions scheduled for the remainder of the year, despite rising inflation, a weakening peso, and declining dollar reserves at the central bank.

The negotiations are going well, and our team will be in Washington all next week. Under the condition of anonymity, the insider stated, “We are extremely close to an agreement.

The renegotiation with the IMF hinges on adjusting the exchange rate through a currency devaluation, but according to Grupo SBS, “the government continues to refuse.”

Prior to the general election in October, Argentines will cast their ballots in the primary elections in August, where Economy Minister Sergio Massa is a contender for president.

The nation that produces grains is attempting to renegotiate its credit agreement with the IMF after a record drought devastated its key export crops, maize and soybeans.

Argentina was compelled to pay the IMF $2.7 billion in debt in June using its final Special Drawing Rights (SDR) reserves and Chinese yuan currency in order to prevent a decline in its US dollar reserves.

The government also delayed this week’s $2.6 billion loan repayments for July, including $1.3 billion that was due on Friday, until the end of the month.

Source- the print

Leave a Comment

Your email address will not be published. Required fields are marked *