Argentina is not planning to seek an expansion of the loan program with the International Monetary Fund (IMF), Argentinian President Alberto Fernandez told Sputnik in an interview
BUENOS-AIRES (Pakistan Point News / Sputnik - 03rd November, 2020) - Argentina is not planning to seek an expansion of the loan program with the International Monetary Fund (IMF), Argentinian President Alberto Fernandez told Sputnik in an interview.
"No, there is no such issue on the agenda. We are in talks with the IMF for a three-year program. This is a program aimed at achieving the goals that we have always set for ourselves," Fernandez said.
As specified by the Argentinian president, these goals include poverty elimination, attraction of investments, development of infrastructure and access to education and health care. Yet, the priority need for the Latin American country is to regain the trust of foreign investors and use its tremendous potential for development via this, according to Fernandez.
In late August, the Argentinian Economy Ministry said that the country would start talks with the IMF for a new assistance package upon completing talks with private investors.
The Argentinian economy is not at its best currently, particularly in light of the coronavirus-related shocks. For the first nine months of the year alone, inflation gained 22.3 percent. Argentina's GDP dropped 19.1 percent in the second quarter of 2020 year-on year. The share of Argentinians beyond the poverty line has increased to 40.9 percent or 11.7 million people in the first half a year. This includes around 3 million people living in extreme poverty.
In June 2018, the IMF approved a $50-billion stand-by loan to Argentine and then increased the tap-in fund to $56.3 billion in October of that year.
