LatinNews Daily - 05 August 2020

* The managing director of the International Monetary Fund (IMF), Kristalina Georgieva, has praised the “agreement in principle” that Argentina has struck with bondholders for the restructuring of some US$66bn of sovereign debt issued under international law. In a tweet, Georgieva congratulated President Alberto Fernández and his economy minister Martín Guzmán on taking a “very significant step” to resolve Argentina’s debt problems, after the conclusion of a high-stakes negotiation that had been ongoing since Fernández took office in December 2019. The deal reduces Argentina’s debt burden by some US$42.5bn over the next five years, according to Guzmán. The government expects to formally conclude the agreement before a 24 August deadline. In a press conference following the accord, Guzmán announced that the next step is for Argentina to restructure the outstanding US$44bn debt it has with the IMF, which was contracted in 2018 under the government led by former president Mauricio Macri (2015-2019).

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