Argentina: Minister of Economy provides details of new IMF agreement

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Mandatory Credit: Ministry of Economy of Argentina

SOT, Martin Guzman, Minister of Economy of Argentina (Spanish): “In 2018, in the context of a very strong change in the expectations about the consequences of the economic model that had been implemented in Argentina, the previous administration decided to go to the International Monetary Fund and agreed on a record loan amount in the history of the institution.”

SOT, Martin Guzman, Minister of Economy of Argentina (Spanish): “A program of policies were agreed upon at that time as the basis for that loan. We all know that this program resulted in a profound failure and deterioration of the economic and social situation in Argentina. All the economic and social indicators deteriorated and the IMF itself, in the evaluation that it published a few weeks ago on such a program, recognised that the program failed, that the program failed to achieve any of the objectives it had set itself, both in the economic sphere as well as in the social and financial spheres, and that this money was used mainly to, on the one hand, finance the outflow of capital from Argentina, and on the other hand, to pay the debt that was in an unsustainable situation to external creditors.”

SOT, Martin Guzman, Minister of Economy of Argentina (Spanish): “We have gone through really tough negotiations for several months, and that is where we saw the magnitude of the damage that was inflicted on Argentina and the importance of being able to clean up those damages and be able to look forward. There was a very strong political and technical effort to be able to get out of the place where it had started, where the demands to be able to refinance the debts with the IMF were such that if we accepted them, we would undermine the possibility of continuing the path of economic recovery. As the president of the nation explained a few minutes ago, this morning we were able to reach an understanding of the macroeconomic framework and the key policies for a new program with the IMF. This general framework has two blocks: on the one hand the scheme of macroeconomic policies, on the other hand the so-called measures that promote medium-term growth and lasting stability.”

SOT, Martin Guzman, Minister of Economy of Argentina (Spanish): “For the year 2022, a primary fiscal deficit of 2.5 percent of gross domestic product is projected, and for the year 2023 that variable takes the value of 1, 9 percent, and for the year 2024, 0.9 percent. As part of the fiscal scheme, there is going to be a better allocation of state resources and there is going to be an expansion of public investment, as Argentina needs badly to be able to generate more productive capacity and so that the private sector is in conditions of giving rise to a more vibrant activity, and the law on financing science and technology will also be respected, always under the vision that Argentina go day by day building more advantages in what can give us more value and can allow us a greater integration within the world, so we can have a country with more knowledge and more capacity to apply that knowledge in production, and more capital.”

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Minister of Economy of Argentina Martin Guzman gave details of the new agreement to refinance the country’s debt to the International Monetary Fund (IMF) during a press conference in Buenos Aires, Friday

After several months of speculation and economic and political tension, the Argentinian government reached an agreement regarding the $44 billion debt it owes to the IMF.

“This morning we were able to reach an agreement on the macroeconomic framework and the key policies for a new program with the IMF,” said Guzman, adding that it has two sides, ”on the one hand the scheme of macroeconomic policies, on the other hand, the so-called measures that promote medium-term growth and lasting stability.”

The agreement will now be sent to Congress for its debate and eventual approval.

Argentina has received support from different countries during these negotiations.

#Argentina #IMF

Video ID: 20220128-026

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