LatinNews Daily - 13 October 2020

* Following the departure of an International Monetary Fund (IMF) mission to Argentina, which held preliminary discussions with the government led by President Alberto Fernández regarding the renegotiation of the country’s outstanding US$44bn debt with the IMF, the multilateral organisation has announced that it will return to Argentina in November “to initiate discussions on a new IMF-supported programme”. In a statement, the IMF mission reported that its meetings with the Argentine authorities had been “productive”, and that it had “gained a deeper understanding of the authorities’ policy plans to stabilise the economy and put it on a more sustainable and inclusive growth path”. The Fernández administration had been insistent that while it is keen to renegotiate this debt and maintain a working relationship with the IMF, it would not accept any fiscal conditions that will lead to substantially reduced government spending. The IMF statement acknowledged the extent of Argentina’s “economic and social difficulties”, and spoke positively about the possibility of securing “a growth-friendly fiscal consolidation while also protecting the most vulnerable”.

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