IMF welcomes Argentina’s progress toward addressing Paris Club debt

IMF welcomes Argentina’s progress toward addressing Paris Club debt

NEW YORK, June 24 (Reuters) – The International Monetary Fund said on Thursday it “welcomes” Argentina’s progress regarding its debt owed to the Paris Club, though there is still no timeline for a new deal between the Fund and the South American country.

“This is an issue for Argentina and the Paris Club creditors, but we certainly welcome the progress that has been made there,” IMF spokesman Gerry Rice said in a scheduled news conference.

Argentina said on Tuesday it had reached an understanding with the Paris Club for a payment bridge until March 2022 to settle some $2.4 billion that it owes, and it might make a partial payment in the interim period.

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The deal with the Paris Club includes Argentina’s commitment to reach an agreement with the IMF as soon as possible and no later than the end of the first quarter of next year.

“Although end March 2022 is the next hard deadline, the punishing IMF repayment schedule should force an agreement soon after November elections,” said Siobhan Morden, head of Latin America fixed income strategy at Amherst Pierpont Securities in a note to clients.

“It stands to reason that budgetary stress should force an IMF agreement soon after the November elections.”

Argentina is currently expected to pay some $8.5 billion to the Fund before the end of March. Many investors expect an agreement will only be reached or negotiated after legislative elections set to take place in mid-November.

Rice said IMF staff are expected to meet with Argentina’s Finance Minister Martin Guzman on the sidelines of a G20 meeting scheduled for early July in Italy, but there is still no timeline for further negotiations or for a new deal.

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Reporting by Rodrigo Campos and Andrea Shalal
Editing by Chizu Nomiyama

Our Standards: The Thomson Reuters Trust Principles.

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