The summit document also states in its point 33 that the signatory leaders are “committed to supporting all vulnerable countries so that they recover together and stronger” and highlights “commitments for an amount of US$81.6 billion to through the voluntary channeling of Special Drawing Rights (SDRs) or equivalent contributions”, thus calling for the commitment of all countries capable of fulfilling the total global ambition of US$100,000 million of voluntary contributions for developing countries. Argentina also seeks to take advantage of this SDR distribution to alleviate its financial situation.
The IMF’s surcharge policy consists of charging an interest rate in addition to that applied to loans that greatly exceed each country’s quota, and which in the case of Argentina implies raising the interest rate to 6.64% . The surcharge structure consists of an additional charge of 200 basic points on the balance of the debt pending payment, when it exceeds 187.5% of the installment; and rises to 300 basis points if the commitments remain above 187.5% of the quota after 36 months.
After the meeting with the President, the head of the Fund said: “We had a very good and constructive conversation about the impact of the war in Ukraine on the global economy and also that of Argentina, highlighting the importance of Argentina continuing with the objective of lowering inflation.
In addition, he recalled that “the second review has been successfully completed in a short period due to the discipline that Minister Massa and his team have shown.” “And we agreed in our conversation that in this very difficult global environment it is important to continue with this discipline,” he closed.
For his part, Fernández considered that “it was a very good meeting” and assured that “Argentina is making an enormous effort to meet the objectives set”, while ratifying the goals set for 2023.
Source: Ambito
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