“On Thursday we will receive a delegation from the IMF. It will be received by the Chief of Staff, (Nicolás Posse), and the Minister of Economy, (Luis Caputo), in line with renegotiating the agreement that fell due to not having complied with the agreement. “He is virtually down,” the presidential spokesperson announced this Tuesday. Manuel Adorni.
“The intention is to continue with the current Extended Facilities Program, achieve waivers (forgiveness) for non-compliance and adapt the goals”he specified Ambit a high fountain of the Palacio de Hacienda.
Within the framework of the usual press conference held in the mornings at the Casa Rosada, the spokesperson did not give details about the meeting and proposed waiting for the talks to take place to provide details.“probably Friday.”
Meanwhile, in the Casa Rosada they maintain that the president delegates the link with the IMF to his officials. “The agreement is not something that worries the president”a source close to him commented to this medium given that “the adjustment we propose is much greater than the goals established in the Extended Facilities agreement”.
The country has failed to meet the different goals set out in the agreement reformulated in the previous administration, both in terms of the accumulation of reserves and the fiscal imbalance.
President Javier Milei He always indicated that his government’s objective is to carry out a more severe fiscal adjustment program than that proposed by the IMF, since it plans to achieve not only primary balance (before payment of interest) but also financial.
This is what the new government made known to both Rodrigo Valdes, director of the Department of the Western Hemisphere, as Luis Cubeddu, head of the Fund’s mission.
More debt, for a smaller amount
In the media of the Ministry of Economy they deny the versions that circulated that the country could receive extraordinary aid from the Fund, in the order of 15 billion dollars. They do not rule out that the country could receive fresh funds, but it would be a matter of “a much lower figure”, they maintain. And they add that, if these resources are obtained “They will be used to accumulate reserves.”
The team led by Caputo believes that the emphasis should be placed on achieving fiscal balance and not on seeking an increase in debt.
The country must face the cancellation of debt with the IMF for US$1,915 million in January, US$763 million in February and US$1,915 million in April, which totals about US$4,592 million in the first section of the year.
At the same time, there are another US$1,633 million to settle with other multilateral organizations between January and April, divided into some US$436 million in January, US$214 million in February, US$725 million in March and US$257 million in April. 2024.
Source: Ambito
