The meeting was also attended by the director for the Southern Cone before the IMF, Sergio Chodos; the deputy director of the Western Hemisphere Department, Julie Kozack; and the head of the mission for Argentina, Luis Cubeddu.
“Within this framework, progress continued in the renegotiation process of the stand-by program signed in 2018 by the Juntos por el Cambio administration,” it was officially reported.
Georgieva, meanwhile, also shared a balance of the meeting on Twitter: “Very good meeting with Martín Guzmán today in Washington. We look forward to continuing our work together to lastingly address Argentina’s challenges and build a more sustainable and inclusive recovery.”
The government again insisted on the elimination of the surcharges in interest rates of the loans. This was anticipated last week by the minister at the conference at the XV United Nations Conference on Trade and Development (UNCTAD). “Unsustainable debt burdens prevent countries from establishing recovery paths and create destabilizing economic and social dynamics,” he said. “Most countries, when they carry out sovereign debt restructurings, do not obtain the burden relief necessary to restore sustainability“of their economies.
He added that countries “do not have the capacity to fight in the necessary way to achieve an effective resolution to the sovereign debt crisis and it is clear that we need reforms.” His words were in the same vein as his mentor, the Nobel Prize in Economics Joseph Stiglitz.
In the afternoon, the Minister also met with United States Treasury officials in a meeting attended by the advisor to the Secretary of the Treasury, David Lipton, and the Undersecretary for Institutional Relations, Andy Baukol.
Guzmán discussed negotiations with the fund with US Treasury officials. “” It was a productive meeting and we agreed to continue the dialogue during the negotiation process with the IMF in which the US plays a key role because it is the main shareholder, “the minister remarked.
In the last hours, an article by the Bloomberg agency warned about an alleged rejection of the agency to comply with that premise.
Bloomberg had released a request last month at an IMF board meeting: “The Board rejected a proposal to discuss temporary relief from surcharges,” according to the agency. But the government denied that information: “It is a note without support and without sources”, assured sources of the economic team, who highlighted that in Bloomberg’s own material “the IMF stated that there are no definitions and the Ministry of Economy the same “.
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