“We asked the IMF Before we close, do your evaluation of what was the failed program stand by“, Said this Thursday the president Alberto Fernandez in his speech before the businessmen of the UIA.
The president was referring to $ 57 billion loan -of which US $ 45,000 million were disbursed- that the IMF granted to Argentina in 2018 and that the Government now seeks to refinance with a new Extended Facilities program.
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“We need the IMF to make this evaluation, that it will help us to understand each other”Considered Fernández, adding that the funds were misused and stressed that the negotiations continue.
For the Government, the IMF is also responsible for the indebtedness
The diagnosis of the Government is that the imf is, in part, responsible Argentina’s debt situation because it granted it extraordinary access to funds that far exceeded the country’s quota in the organization.
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The body’s spokesperson, Gerry Rice, said on several occasions that the review of loans granted is a common procedure, which is carried out in all countries in order to learn what was done well and what mistakes were made.
Although it had confirmed that there was a review underway, until now the date on which the Board of Directors of the organization would hear the conclusions of the analysis was not known. This Friday the IMF confirmed that the review of the program will be held before the end of the year.
“The evaluation Ex-Post was conceived as a mechanism to draw lessons after an agreement of exceptional access. For countries where a new post-program is contemplated, it is desirable to complete the Ex-Post Evaluation before it is considered by the Board of Executive Directors. As such, we expect the Fund’s Executive Board to discuss the report at the week of December 20“, Said a spokesman for the organization before the consultation of TN.
Mission to speed up the negotiation
The confirmation of the review by the IMF comes in the hours before the arrival of several Argentine officials in Washington. They will meet with the agency’s staff to advance in the technical understandings necessary to make the new agreement.
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The official delegation that arrives in the United States this Saturday will be made up of the Secretary for Economic Policy, Fernando Morra; the Secretary of the Treasury, Raul Rigo; and the Undersecretary of Financing, Ramiro Tosi; the director of the BCRA Jorge Carrera and the Deputy General Manager of Economic Research, Germán Feldman.
The meeting will be a few days before the presentation of the multi-year economic plan, which the government promised to send to Congress next week. According to the president Alberto Fernandez, that project will include the understandings that have been reached with the IMF.