IMF To Send Mission To Argentina In February

Washington, (UrduPoint / Pakistan Point News - 29th Jan, 2020 ) :The International Monetary Fund will send a mission to Argentina next month to discuss the crisis-hit nation's economic prospects and debt, a fund spokesman said Tuesday.

Argentine President Alberto Fernandez wants to renegotiate $44 billion borrowed from the IMF over the last 18 months, which comprises a sizeable part of the country's $335 billion foreign debt -- over 90 percent of its GDP.

Economy Minister Martin Guzman on Tuesday met with IMF officials in New York, and IMF spokesman Gerry Rice called these talks "very productive." "The exchange was an opportunity to continue the ongoing dialogue and hear from the Minister about the Argentine authorities' economic plans and exchange views on the debt sustainability analysis," Rice said.

IMF Managing Director Kristalina Georgieva will meet with Guzman at the Vatican on February 5, and "an IMF technical mission is expected to travel to Buenos Aires in February to continue to exchange views on macroeconomic plans and debt sustainability," he said.

Fernandez is currently on a European tour, which will include a meeting with Pope Francis and national leaders to drum up support for his economic plan.

Fernandez took power in December, inheriting an economic crisis that began 18 months ago with a Currency collapse.

The country is blighted by 40 percent poverty and one of the highest rates of inflation in the world, almost 54 percent in 2019.