August 9, 2022

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Cristalina Georgieva of the International Monetary Fund has lowered expectations for a speedy deal with Argentina: “There is still much to be done.”

Crystalina Georgieva (REUTERS / Mike Taylor), Managing Director of the International Monetary Fund

Managing Director of the International Monetary Fund, Kristalina Georgieva, Spoke today about the $ 44,000 million debt that the multilateral organization is undertaking with Argentina, and also notes the economic impact of the emergence of the Omigron variant of the corona virus.

As for Argentina, he stressed that “there is still a lot to do”. The Bulgarian economist said that “the importance of working towards a plan that will significantly improve Argentina’s macroeconomic fundamentals and put Argentina on a firm path to recovery from this (economic) crisis.”

“We have worked creatively so far, but there is still a lot to be done,” Georgieva told Reuters at the next conference.

“We have worked creatively so far, but there is still a lot to do.”

As highlighted, it is important to remember that today it transcends Infobe, He said Financial staff have already written the latest draft of a technical analysis of the economic and financial implications of the loan to the government of Mauricio Macri. This is a confidential assessment -for now- Alberto Fernandez made the revelation at the conclusion of the Argentine Trade Union Conference (UIA) last night and the deployment of Gaza Rosada and its negotiating strategy with the IMF was crucial.

“Before we conclude a new agreement, we ask the IMF to assess the failure of the $ 44 billion standby project. It will help each other understand. This is a necessary step on this path,” he said. The president told the UIA yesterday.

To provide new credit for the expanded facilities as expected-, The Finance Board should obtain a technical assessment of what happened to the previous loan. That’s why we need to know for sure how the $ 44,000 million provided to Macri and his management was used.

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In this sense, the Norwegian economist Odd for the brake, Vice President of the Asia and Pacific Department of the Multilateral Organization already has the latest Draft Review by Alberto Fernandez: There are almost 100 pages of team review before Christmas.

Once it is approved, the multidisciplinary organization will spread it. The government and the opposition are waiting for the final report.

The fund has already carried out this kind of appraisal of loans to Ukraine and Greece. Meanwhile, from this work, the IMF Board hopes to learn “lessons” for future loans.

In this context, the Ministry of Economy and the Central Bank’s Argentine Technical Committee will travel to Washington tomorrow to meet with the Fund’s technical experts over the weekend.Argentina to advance talks on technology deal expected this month, according to recent ministerial statements Martin Guzman.

Minister of Economy Martin Guzmவுடன்n with IMF President Kristalina Giorgio during a meeting on the G20 Framework in Italy in October this year
Minister of Economy Martin Guzmவுடன்n with IMF President Kristalina Giorgio during a meeting on the G20 Framework in Italy in October this year

In this regard, Fernandez reiterated yesterday at the UIA Industrial Conference that “technical teams will visit Washington next week to further strengthen this progress, and further resolve the issue of foreign debt.” . “

The previous plan for the stand-by deal was expected to pay around $ 19,000 million in 2022 and another $ 19,000 million in 2023, highly concentrated maturities. After the technical agreement, it must pass the congressional filter and then be voted on by the IMF Board, and all will take place before March 2022.

Corona virus

Georgieva also spoke about the Omigron variant. “The International Monetary Fund’s recent global economic growth forecasts are likely to decline due to exposure to the omigron variant of the corona virus,” he said.

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“A new variant that could spread very quickly could affect confidence, and in that sense, we could see some drop in our October forecasts for global growth,” the IMF director said.

With Reuters information

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