11/06/2020 3:13 PM
Clarín.com
Economy
Updated 11/06/2020 3:13 PM
Spokesmen for the International Monetary Fund confirmed that
next Tuesday the organization's mission will return to the country
and will hold meetings with the economic team to define a new understanding.
Argentina is looking for the IMF to lend it money to pay the disbursements it received between 2018-2019 (US $ 44,000 million).
"An IMF mission led by Julie Kozack and Luis Cubeddu will visit Buenos Aires from November 10 to begin formal negotiations with the Argentine authorities on a new IMF program to support the government's economic plan,"
the agency said.
And they explained that
"The dialogue will focus on the authorities' fiscal, monetary and structural agenda for the medium term in order to anchor macroeconomic stability and lay the foundations for inclusive and sustainable growth
.
"
The Minister of Economy, Martín Guzmán, said this Thursday that in the coming months he will be dedicated to the task of building a
multi-year macroeconomic stabilization plan,
which basically consists of defining and explaining a
path for the evolution of fiscal, monetary and economic variables. reservations
.
The term "multi-year" refers precisely to what the minister intends to quantify for the next few years.
The IMF referred to this in today's statement saying "The dialogue will focus on the authorities' fiscal, monetary and structural agenda for the
medium term
with the objective of anchoring macroeconomic stability and laying the foundations for inclusive growth and sustainable".
The 2021 Budget project that Guzmán sent and is in Congress, contains the details of the macroeconomic projections for the coming years.
But not the fiscal, reserve and commercial numbers.
That path is the one that the economic team seeks to define and agree with the IMF.
Guzmán has said that he also wants the agreement that Argentina signs with the organization to have approval in Congress.
The arrival of the IMF mission and the precision of the task to which they will be delivered is in line with what Guzmán pointed out this Thursday.
The minister pointed out that “we are now building a stabilization bridge of around 60 to 90 days while working on a multi-year macroeconomic stabilization process where we will define how the fiscal and external accounts and the accumulation of reserves will be put in order, by same time the economy recovers ”.
This task is what he will do side by side with the IMF staff and then it will be reflected in the program that is signed with the agency.
"There are no dates set to finalize the negotiations," they
explained from the IMF this Friday.
"Our goal continues to be to support the Argentine people in overcoming the complex socioeconomic challenges facing the country and to lay the foundations for a more stable economy and a more prosperous future."
Argentina has to start repaying the US $ 44 billion the IMF lent it from the second half of next year.
The Government intends, with the new loan, to postpone the repayment of this debt as long as possible.
Just as it restructured the dollar debt with private investors, it will now seek to do the same with the Monetary Fund.
One of the alternatives they are considering is an extended facilities program that, in exchange for meeting goals, the IMF grants longer repayment terms over time.
The government has not even ruled out asking for even more resources to strengthen reserves.
Look also
For private companies, October inflation will be 3.2% and for the year they calculate 35.8%
After the drop in alternative dollars, Martín Guzmán bets on "a stability of 60 to 90 days"
