The Minister of Economy, Martín Guzmán, and the President of the Paris Club, Emmanuel Moulin, They agreed on Tuesday a new extension of the understanding reached in June 2021, for the payment of the commitments that Argentina has with this forum of creditor countries.
The understanding was reached prior to the vote of the Executive Board of the International Monetary Fund, which will discuss the agreement next Friday, and includes financial guarantees from the Paris Club in support of the Extended Facilities program that has a duration of thirty months, allowing to Argentina to secure the financial sources identified in the agreement with the multilateral organization, informed the Palacio de Hacienda in the afternoon.
The agreement was reached within the framework of a meeting held in the French capital, in which Minister Guzmán was accompanied by the Secretary for International Economic and Financial Affairs, Maia Colodenco; and the Undersecretary of Financing, Ramiro Tosi.
The Ministry of Economy stated that “The financial guarantees granted establish that, during the term of the program, Argentina will make partial payments to Club members in proportion to those made to other bilateral creditors, in accordance with the terms established in the June 2021 understanding“.
During the meeting, which took place in the French Ministry of Economy and Finance building, Moulin expressed the support of the Paris Club for the agreement reached between the Argentine Government and the International Monetary Fund.
“We recognize that the objective of this program with the IMF is to strengthen Argentina’s macroeconomic stability and promote inclusive and sustainable economic growth in the medium and long term”Moulin said.
After this understanding, Argentina and the Paris Club undertook to conclude the process of definitive modification of the Agreement defined in the “Joint Declaration of 2014” before June 30.
On June 22, the Argentine Government committed to the Paris Club to reach an agreement with the IMF before March 31, 2022, with which it achieved a time bridge, avoided default and obtained financial relief of USD2 .000 million with this group of creditors while continuing to negotiate with the multilateral organization.
