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Martín Guzmán: "We want the program with the IMF to help restore macroeconomic stability"

2020-10-14T18:06:59.114Z

When participating in a G20 summit, the Minister of Economy spoke of the negotiations to refinance the debt of around 44,000 million dollars with the multilateral credit organization.



10/14/2020 2:58 PM

  • Clarín.com

  • Economy

Updated 10/14/2020 2:58 PM

On the same day that the head of the International Monetary Fund (IMF), Kristalina Georgieva, warned that Argentina faces "dramatic challenges", the Minister of Economy, Martín Guzmán, remarked that the national government seeks that the new program with that multilateral organization of Credit helps restore macroeconomic stability.

"

We want the program with the IMF to help restore macroeconomic stability,"

Guzmán said during the fourth meeting of G20 Finance Ministers and Central Bank Presidents, which discussed the G20 action plan to face the coronavirus pandemic.

"We are in the process of talks with the Fund for a new program and

we have been working constructively

," Guzmán said.

And he added: "We want

the program to help the

country's

economic recovery

and restore macro stability, which also includes measures that address structural problems in the economy, a policy that encourages greater competition, the development of the domestic capital market, tax policies. and productive policies that improve productivity, generate employment and macro and fiscal stability ".

Likewise, Guzmán referred to the pillars of the G20 action plan to confront the global scourge of Covid-19.

In this regard, he indicated that in Argentina "we will continue to use all the tools we have to accompany the most vulnerable sectors and avoid the persistent effects of the crisis."

"We reaffirm our commitment to the principle that

health should be the number one priority

," he added.

Martín Guzmán and the managing director of the IMF, Kristalina Georgieva, in the economic seminar "New Solidarity Forms" at Pontificia Academia las Ciencias.

Photo: Victor Sokolowicz.

He noted that in Argentina "the national government is leading the response, and we will continue to regulate it based on all available information and the knowledge that we continue to acquire as Covid-19 evolves."

He also considered that "productive policies will be needed to help the structural reform that will come with the persistent transformation that Covid-19 entails."

At the global level, he indicated that "the capitalization of multilateral and regional development banks will be very important to help finance the policies that are needed to ensure inclusive and balanced growth after Covid-19."

Regarding debt and countries in trouble, he considered that "when it comes to international support to countries that need it, the problems of unsustainable debt must be addressed in a timely manner, we must avoid falling into the problem of acting too late and doing little" .

And he added that not enough is being done in the world.

"More reforms and improvements in the international financial architecture are needed to deal with these problems," he said.

However, Guzmán praised the IMF's support for Argentina.

"The IMF, in Argentina, played a constructive and positive role

that helped achieve a successful result, so it will be important that creditors respect the debt sustainability restrictions defined by the Monetary Fund."

And he concluded: "We hope to continue working together with all the G20 countries to contribute to a more secure and stable global environment. We need to be united in these difficult times," he said, among the main points made in his speech at the G20 summit, that took place during the week of the joint Annual Meeting of the IMF and the World Bank.

AFG

Source: clarin

All business articles on 2020-10-14

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