On this occasion, he will join the Argentine economic team that arrived in the United States this week to keep pace with efforts to strengthen bilateral relations with that country.
Expect a meeting with the International Monetary Fund
The Minister of Economy, Sergio Massa, laid out his expectations for tomorrow’s meeting with the head of the International Monetary Fund, Kristalina Georgieva.
Confident but aware of the work that must be faced daily to achieve the goals set in the agreement, Massa will receive the approval of a second quarter review.
Once approved by the staff, it should go to the IMF board, which will give the final confirmation and enable the disbursement of $3,000 million, of which 1,600 will go back to the entity for payments that Argentina has on file with that international organization in the remainder of the year, according to sources. Ministry. If this scenario happens, Massa knows that the next step he must work on is debt with the Paris Club.
The extension that Argentina obtained at the end of May sets a time period ending on September 30 to reach a new agreement with the said entity.
It shall be the result of negotiation with the authorities of the Club and its sixteen member states, or, failing that, “until September 30, 2024”, the maximum date granted under the Extended Facility Agreement signed with the International Monetary Fund (IMF).
Guzmán had intended to reach an agreement by the end of June as he discussed during his recent visit to Paris, but the macroeconomic situation in the last month of his time in the ministry led him to resign at the beginning of July and target the Paris Club.
The date of September 30, 2024 dates back to an agreement between the two parties, knowing that the Extended Facility Agreement signed with the International Monetary Fund gives this date as a maximum.
On May 31, 2021, Argentina had to pay $2,450 million – the equivalent of 40 credits granted from 14 countries and 8 different currencies – under the terms of the agreement signed in 2014, which provided for a 60-day grace period. About a month later, Guzmán gets an understanding that he has a time bridge to keep him from falling into default and keeps negotiating.