IMF: Talks on stronger Argentina crisis loan ‘very active’

The International Monetary Fund (IMF) logo is seen at the IMF headquarters building during the 2013 Spring Meeting of the International Monetary Fund and World Bank in Washington. ― Reuters pic
The International Monetary Fund (IMF) logo is seen at the IMF headquarters building during the 2013 Spring Meeting of the International Monetary Fund and World Bank in Washington. ― Reuters pic

WASHINGTON, Sept 6 — Talks with Argentinian officials to strengthen and accelerate a crisis package for the country’s battered economy are “very active,” a spokesman for the International Monetary Fund said today.

Officials are working to conclude the talks “as rapidly as possible,” Gerry Rice, spokesman for the Washington-based global crisis lender told reporters.

Rice declined to provide any details on the terms under discussion, including whether Argentina would seek additional funding beyond the US$50 billion (RM207 billion), three-year loan approved in June.

“I can’t preempt those discussions,” he said, noting that debt sustainability is something that will be reviewed.



“The dialogue is very active right now.”

Argentina’s Finance Minister Nicolas Dujovne and his team arrived in Washington earlier this week to negotiate terms to allow a more rapid disbursement of IMF funds. The country has received US$15 billion so far, but any changes required approval from the IMF board.

But Dujovne yesterday denied he was seeking additional funding, saying the existing amount “is what is needed.”

President Mauricio Macri is under increasing pressure as the peso has plunged — despite intervention from the — and the recession worsens.

And he is facing growing opposition from the public for seeking help from the IMF, which has a bitter history in the country and is blamed for the economic woes.

However, Rice stressed, “Argentina is very different today than it was the last time it engaged with the IMF, and the IMF is a very different institution.” — AFP

Source: The Malay Mail Online







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