Argentinean Government Will Ask IMF for Extended Fund Facility Program

Argentinean Economy Minister Martin Guzman announced on Wednesday morning that the Argentinean government will ask the International Monetary Fund for an Extended Fund Facility program, as part of the government’s efforts to delay repayments on the $44 billion that the country owes the multilateral organization.

Argentinean Economy Minister Martin Guzman announced on Wednesday morning that the Argentinean government will ask the International Monetary Fund for an Extended Fund Facility program, as part of the government’s efforts to delay repayments on the $44 billion that the country owes the multilateral organization.

During a press conference in Argentinean capital Buenos Aires, Guzman told local reporters that “The IMF staff and the Argentine government consider that in the current circumstances, this type of program is the best alternative available.”

Guzman also said that an extended facilities program would give Argentina four-and-a-half years to start paying down its debt once it is formally approved.

“We have been doing very constructive work with the agency and the intention is to replace the current program with a new one that is based on completely different principles, understanding that there is no restoration of macroeconomic stability without the recovery of economic growth,” he added.


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