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Argentina's Guzman says IMF mission to arrive next week

Argentine Economy Minister Martin Guzman said on Thursday that a mission from the International Monetary Fund would arrive in the country next week as the two sides look to negotiate a new program to replace a failed $57 billion facility. "There is a constant, constructive dialogue.

Reuters | Updated: 02-10-2020 04:20 IST | Created: 02-10-2020 04:20 IST
Argentina's Guzman says IMF mission to arrive next week

Argentine Economy Minister Martin Guzman said on Thursday that a mission from the International Monetary Fund would arrive in the country next week as the two sides look to negotiate a new program to replace a failed $57 billion facility.

"There is a constant, constructive dialogue. This week, we have been working in a virtual way together with a mission. On Tuesday, a mission will be arriving," Guzman said, speaking in a televised interview with local publication Ambito. Argentina needs a new deal with the IMF after the previous program struck in 2018 failed to stave off an economic crisis that saw the country fall into default earlier this year, since resolved with a major debt restructuring.

Guzman said that economic policy "fine-tuning" was needed to bolster growth, including harmonizing interest rates, although he added there were signs of economic recovery. Argentina is headed for an economic contraction of about 12% this year, which would be the third straight year of recession, while investors have been rattled recently by moves to tighten capital controls to protect dwindling reserves.

The country's central bank said in a statement on Thursday that the controls were a "necessary instrument" while the country improved its fiscal, external and monetary situation. It added the current exchange rate was competitive.


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