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Argentine officials will travel Saturday to meet with the International Monetary Fund (IMF) in Washington to advance negotiations concerning a 2018 loan to the South American nation, according to reports.
Local Argentine daily, Perfil, cited sources who said the "the objective is to continue advancing in technical understandings within the framework of negotiations with that multilateral credit organization for a program that allows refinancing the loan taken in 2018."
Argentina is pushing for an agreement this month with the IMF regarding a $45 billion debt it owes.
Economy Minister Martin Guzman publicly said in recent weeks that the aim is to reach an agreement with the IMF before March 2022, after which penalties will be assessed.
Following Argentina's legislative elections in November, President Alberto Fernandez stressed that the government is working on a multi-year economic plan to outline the terms and conditions of the agreement.
The plan is then expected to be sent to Congress later this month.
Argentina is also expected to make a $1.8 billion payment to the IMF later this month.
During a news conference Tuesday, Secretary for International Economic Relations, Cecilia Todesca, said: "Yes, our idea is to make the payment."
Todesca said the government is working on a deal with the IMF but did not have a precise date when a bill would be sent to Congress.
"We would like to reach the best possible agreement in the shortest possible time. It is a major negotiation and when we have everything ready we will send it as the president has said," Todesca said, referring to sending the bill to Congress.
In September 2018 during former President Mauricio Macri's administration, Argentina received the largest IMF loan in history, $57 billion, because of a deep economic crisis in that country.
Under the current terms of the agreement, Argentina is obliged to make payments in 2022 and 2023.
As the deal stands, more than $19 billion is due each year. -
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