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An IMF mission will arrive in Argentina

A mission of the International Monetary Fund (IMF) arrives in the country for negotiations on the restructuring of Argentina’s debt in the amount of $54 billion, Telam news agency reported on October 5.

The delegation is expected to arrive in Buenos Aires on October 6. The delegation will be headed by the deputy director of IMF European department Julia Kozak and Luis Kubeddo, head of the Argentinean IMF mission.

Previous IMF missions have been working in Argentina in February-March of this year. After analyzing the data of the Argentinean economy, the IMF experts concluded that the economy will not be able to withstand the payment of this debt. In this regard, IMF head Kristalina Georgieva advised the Argentinean authorities to agree on a discount and restructuring of sovereign debt to private U.S. investment funds, as after debt relief, the country will be able to start paying off the IMF debt. Argentinean authorities and the management of private investment funds agreed last month to restructure the debt at a discount.

It should be noted that the previous government of Argentina took a record loan of $54 billion from the IMF, but the loan was given in violation of IMF rules (the loan can not be allocated to a country where there is a “flight of capital”) and was taken in violation of Argentinean law (the loan did not receive parliamentary approval).

The day before, Dutch Prime Minister Mark Rutte promised Argentinean President support for a rapid restructuring agreement with the IMF. “We will help in everything we can with the International Monetary Fund and as soon as the crisis is over, we will see you in person,” Rutte Fernandez told Rutte during a telephone conversation.

It should be noted that Queen Consort of the Netherlands Maxima is a native of Argentina. Queen Maxima is the daughter of the Minister of Agriculture of Argentina during the Argentinean dictator Videla Jorge Sorregheta.

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