A spokeswoman for the IMF said Thursday that staff are working closely with officials in Argentina to reach an agreement on a new funding contract “as soon as possible.”
Late in January, Buenos Aires declared that it had reached a “agreement” with the International Monetary Fund on key measures required for a resolution on its $44 billion debt with the crisis lender.
The government has paid slightly over $1 billion in principle and interest on the loan in recent weeks, but it is attempting to renegotiate the remaining payments, which are due this year and next.
“Discussions are ongoing, fairly intensively,” but there is no timeline for reaching an agreement, IMF spokesman Gerry Rice told reporters Thursday.
“We will be looking to do this as quickly as possible, so stay tuned for updates.”
Former Argentine President Mauricio Macri agreed to a $57 billion loan from the International Monetary Fund (IMF) in 2018, which the agency subsequently acknowledged had failed to accomplish its goals of restoring trust in the country’s budgetary soundness and stimulating economic growth.
When his successor, center-left President Alberto Fernandez, assumed office a year later, he refused to accept the final $13 billion disbursement.
Rice said the IMF staff team is “continuing to work very closely with the authorities” on a deal, which would need to be approved by the fund’s board of directors.
Rice emphasized the importance of taking “a realistic, pragmatic, and credible approach to crafting a program with Argentina that will strengthen the country’s financial stability and begin to address deep-seated concerns.”
