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LatinNews Regional Monitor: Brazil & Southern Cone - 20 November 2019

In brief: Argentina’s president-elect tells IMF he’ll pay debt but no austerity

* Argentina’s President-elect Alberto Fernández has held a phone conversation with the Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, in which they discussed coming up with a “sustainable plan” for Argentina to repay its debts while limiting further fiscal adjustments. The outgoing administration led by President Mauricio Macri agreed to a US$57bn Stand-By Arrangement (SBA) with the IMF in 2018 that includes a commitment to reduce Argentina’s fiscal deficit. So far, the IMF has released US$44bn of these funds. But Fernández has criticised the agreement and said that he would seek to renegotiate it. In separate statements released after the call, Georgieva and Fernández described their conversation as productive, but Fernández emphasised that his government will propose “a payment plan that we can meet without more [fiscal] adjustments”

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