The Argentine Minister of Economy, Martín Guzmán, agreed this Tuesday with the president of the Paris Club, Emmanuel Moulin, a new extension on the negotiations held in June 2021, on the payment of the monetary debt that the South American nation maintains with the forum of creditor countries.
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In this sense, the agreement signed by the two parties allows Argentina to secure the sources of income identified in the negotiation with the International Monetary Fund, in support of the Extended Facilities program, with a duration of 30 months.
Likewise, the financial guarantees establish the Argentine government to make partial payments to the representatives of the Paris Club, proportionally to those made by the rest of the bilateral creditors, in accordance with what was agreed in the agreement of June 2021 and while the program of Facilities Extended remain in force.
“We recognize that the objective of this program with the IMF is to strengthen Argentina’s macroeconomic stability and promote inclusive and sustainable economic growth in the medium and long term,” said the president of the Paris Club, Emmanuel Moulin.
Thus, the head of the Economy portfolio, Martín Guzmán, and the Paris Club, Emmanuel Moulin, pointed out that the renegotiation process of the agreement proclaimed by the 2014 Joint Declaration will conclude before June 30 of the current year.
Congress sanctioned with force of law the agreement of the National Government with the IMF that will allow the country to refinance the record debt of 2018, avoiding destabilizing the economy.
The result and the process are a firm step forward in the development of our Republic. pic.twitter.com/Wb6koG1Trb
– Martin Guzman (@Martin_M_Guzman)
March 18, 2022
It should be noted that on June 22, 2021, the French Club granted the Argentine nation a $2,000,000 bond and a time bridge until March 31, 2022, during which it had to renegotiate the debt that maintains with the IMF.
Accordingly, Argentina had to deposit 430 million dollars during the eight months following the established extension; thus, in the current context, the South American country accumulates a debt of 1,515,000 dollars with the Paris Club.