2023-07-16 20:35:09
After arduous weeks of negotiations, back and forth, the International Monetary Fund (IMF) and Argentina could seal a new agreement this Friday. The details.
Officials of the National Government are considering the possibility that a mission – headed by the head of advisers of the Palace of Finance, Leonardo Madcur and the vice minister Gabriel Rubisntein – leaves this Monday night for the northern country. It is not even ruled out that Minister Sergio Massa will do the same on Thursday if everything comes to fruition.
The signing date would be agreed for next Friday. This comes before the imminent recess of the IMF during August. If the directory does not deal with the Argentine case before that date, the country would have to wait until October to obtain a disbursement of at least US$4,000 million.
Sergio Massa spoke about the IMF: “We want to pay him and let them leave Argentina”
In an electoral tone, the Unión por la Patria candidate assured this Sunday, in an act in Greater Buenos Aires, that the ruling party a “country project” was proposed that includes the payment of the debt to the International Monetary Fund (IMF).
“Argentina was left with a very complicated anchor that is a 2018 agreement with the International Monetary Fund, which made us lose sovereignty. We have set ourselves the challenge of discussing equally and equally defending our conviction, our sovereignty and the interest of Argentina with the Fund,” said the national official.
And along the same lines, he added: “We want to pay the Fund back and for them to leave Argentina. we want to be a country sovereignWe want to decide our own development project and not let others tell us how to develop as Argentines”.
Agreement with the IMF: the situation in Argentina and the organization’s request
From the beginning of the discussions, the government sought that the credit agency disburse the Special Drawing Rights of the June review, which was breached, among other issues, due to the drought.
At this time of the year, Argentina should have accumulated net international reserves (RIN) for about US$9 billion, and private consultants estimate that it would be around US$6,000 million.
In June the Treasury paid the Fund about $2.6 billion in one maturity, partly in yuan. Now in July it has to face another US$2.7 billion. In Economy, an advance of all disbursements was proposed until the first quarter of 2024, but the IMF could anticipate about $3 billion in September.
The IMF staff asks Argentina for a “discrete balance” of the A3500 dollar of 30% and a deepening of the fiscal adjustmentsomething that the Palacio de Hacienda seeks to avoid in an election year.
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