Minister of Economy Martin Guzman will travel to France in the first week of July to try to restructure the agreement that Axel Kiselov signed in 2014 with the Paris Club.. According to spokespersons from his portfolio in a statement, the negotiations are for the government “important in order to restore relations with the export credit agencies that are part of the club” that would enable the financing of energy investments in the country.
Guzman He will travel to Paris on July 6select Treasury Statement.
“The restructuring of the 2014 joint declaration is critical in order to restore relations with the export credit agencies that are part of the club, which is of particular importance in the current global scenario where opportunities for developing investments in the energy sector require foreign direct investment complementary to domestic investment and financing Volume, as in the case of LNG, the economy portfolio explained.
Last March, along with the signing of a new program with the International Monetary Fund, The government has postponed until September 30 this year payments with the Paris Club. Since then, a series of technical contacts have begun to conclude an understanding that will restructure the remaining $2,000 million to be paid. to the union of creditor countries.
Reference schedule Proved that on the thirtieth of this month, technical understanding must be completed.
After this step of negotiations, Argentina will have to activate a final political phase where it will have to, personally, bring together the 14 creditor countries assembled in that forum, and sign bilateral agreements for each country.
In the midst of the exchange and financial tension that led the free dollar to a historic record of $239 per unit last Tuesday and the country’s risk exceeded 2,500 points, Guzmán caught all eyes when he was absent from the cabinet meeting which was held this morning at Casa Rosada and whose main theme was the economic scenario.
Negotiations with the Paris ClubIn the midst of the tight schedule set for closing a technical agreement, The reason for the absence was according to the environment of the head of the treasury.
The CEC noted that, except for the last agreement that was personally negotiated by the incumbent governor Axel Kisilo When he was Minister of Economy–All previous agreements (1956 to 1992), were in classical terms, i.e. with an earlier program with the International Monetary Fund. This is because Minister Kiselov did not accept the revision of Article IV to negotiate better terms, which caused the country to repay its debts in the short term and at a higher rate, which were canceled by 64% during the government Mauricio Macrias the authors recall.
In 1956 the central banks of Germany, Belgium, Canada, the United States, France, the Netherlands, Japan, the United Kingdom and Sweden created this space for negotiation to try to jointly collect the bilateral debts of the underdeveloped countries..
The liquidity problems that Argentina faced, from the low prices of its export products in the mid-fifties, constituted the first case discussed in this forum which was institutionalized as of 1966, when the country’s external debt rose to 3276 million dollars.
chief of staff , John Manzorto explain the stellar absence at the cabinet meeting in which the economy was the main topic.
“The minister with the agenda that we all know, is really very narrow. He confirmed that he is working with his team and following the directions of the head of state.
“Like other ministers who, due to force majeure, could not be with us today, but I speak daily and two or three times a day,” he added.