Economy & Business - June 2022

ECONOMIC HIGHLIGHTS

ARGENTINA| Government formalises extension agreement with Paris Club. On 31 May, a publication in Argentina’s official gazette confirmed that the government led by President Alberto Fernández reached an agreement to postpone the repayment of US$2bn that Argentina owes the Paris Club of creditors. The payment has now been deferred until 30 September 2024, or until “there is a new framework agreement” to replace the original deal signed in 2014. The confirmation of the extension formalises an agreement announced in March to defer repayment of the debt. Although the extension allows Argentina to avoid being declared in default of its debt to the Paris Club, it is only a temporary fix. The country has committed to making partial repayments to Paris Club creditors, proportional to payments it will make to other bilateral lenders, for the duration of its 30-month deal with the International Monetary Fund (IMF).

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