The strategy of the Argentine Government to include in the final document of the G20 the recommendation for the IMF (International Monetary Fund) to discuss debt surcharges was a triumph that is beginning to pay off.
In this sense, the spokesperson for the IMFGerry Rice gave the first press conference after the authorities of the organism have met with President Alberto Fernández and the Minister of Economy, Martín Guzmán.
In this regard, Rice pointed out: “The G20, in its statement last weekend, mentioned that it is expected that a greater discussion on the policy of surcharges will take place in the Board of the IMF in the context of a broader discussion on an interim review of precautionary balances. What I can say is that that review is currently expected later this year. I don’t have a specific date ”.
He also argued that since the entity remain “highly committed to helping Argentina address the deep socio-economic challenges it faces by supporting policies that can strengthen economic stability, protect the poor, and lay the foundations for more sustainable, private-sector-led growth.”
Guzmán’s strategy with the IMF
During the week, the environment of the Ministry of Economy was in charge of denying the versions that assured that Fernández and Guzmán asked the IMF a “waiver”, which means an exception for not making payments while negotiations continue.
These “unfounded rumors”, as defined from the portfolio of Guzmán, the spokesman for the IMF ratified the government’s position: “Argentina has indicated its commitment to comply with its obligations to the Fund”.
On the other hand, Rice highlighted the meeting between the head of the IMF, Kristalina Georgieva, and the Argentine head of state and described her as “good and productive.” What is more, he emphasized the joint work between both teams to achieve a mutually beneficial agreement.
At the same time, in addition to the president and the Minister of Economy, the director for the Southern Cone were present at the meeting. IMF, Sergio Chodos; the Director for the Western Hemisphere of the Fund, Julie Kozak; and the head of the mission for Argentina, Luis Cubddu.
Finally, at the beginning of last month, Fernández stated that the agreement with the Fund would be “closed”. However, in order for it to be definitive and to be announced, “it is necessary for the rate reduction to be made official” of the surcharges charged by the agency for the large Argentine indebtedness. Meanwhile, it is worth remembering that, with the loan taken by former President Mauricio Macri, Argentina became the main debtor of the IMF.
