Argentina made a payment of almost US$ 190 million to the Paris Club this Fridaywhich is part of the agreement reached in the middle of last year, for which it had already made another disbursement at the end of July for US$ 227 million on the capital account of the total debt, official sources reported.
The payment of this second commitment allows the country not to fail to comply with the Paris Club, as part of a transitory program agreed in June until March 31 to avoid falling into default, with the implementation of a set of payments of around of US$420 million in a period of eight months.
Thus, the sources consulted confirmed that Considering the exchange rates of the payment orders processed, the total to be paid amounted to the equivalent of US$189.6 million, which is added to the US$226.9 million paid on July 28.
In this current 8-month period, instead of facing the approximately US$ 2,400 million programmed, a set of payments were made that will add up to around US$ 420 million, which implies a financial relief for Argentina of US$2,000 million between then and until March 31.
The payment of this second commitment allows the country not to fail to comply with the Paris Club, as part of an agreed transitory program
That understanding allowed Argentina to advance in an agreement with the International Monetary Fund, a commitment assumed in the negotiations with the member countries of the Paris Club to resume talks in order to face a restructuring of the debt as a whole.
“Paying the totality of the debt of 2,430 million dollars would have been a blow to international reserves and therefore would have generated more exchange rate instability and more macroeconomic instability,” Guzmán expressed opportunely.
Meanwhile, the Argentine government advances in the fine print of the understanding with the IMF to complete an agreement of extended facilities that allows the country to restructure the commitments for the US $ 45,000 million debt contracted by the Cambiemos management
The expectation in official media was to close the agreement in the coming days, for which intense negotiations have been held for weeks between the technical teams to settle the final differences, once the understanding has been sent to Congress.
Beyond the versions of recent days, the Government assures that Argentina does not commit to anything that lowers its social spending, its capital spending, or pension reforms, although differences do remain on some points, which are not not on the fiscal goals but on the path to achieving those goals.
