IMF officials, Guzman have 'productive' and 'positive' meeting on Argentina

By Rodrigo Campos NEW YORK (Reuters) - IMF officials and Argentina's economy minister met in New York on Tuesday for what they called 'productive' and 'positive' talks as the South American nation looks for help from its main creditor to alleviate a painful debt crisis. Economy Minister Martin Guzman, in comments to journalists after the meeting, called it 'very productive' and said debt sustainability and Argentina's economic situation were discussed. 'We are taking steps

Reuters January 29, 2020 03:07:19 IST
IMF officials, Guzman have 'productive' and 'positive' meeting on Argentina

IMF officials Guzman have productive and positive meeting on Argentina

By Rodrigo Campos

NEW YORK (Reuters) - IMF officials and Argentina's economy minister met in New York on Tuesday for what they called "productive" and "positive" talks as the South American nation looks for help from its main creditor to alleviate a painful debt crisis.

Economy Minister Martin Guzman, in comments to journalists after the meeting, called it "very productive" and said debt sustainability and Argentina's economic situation were discussed.

"We are taking steps. It is part of a process to solve the crisis in an integral way," Guzman said.

Guzman said he met with a U.S. Treasury official on Monday and had plans to meet with International Monetary Fund (IMF) Managing Director Kristalina Georgieva in Italy next week.

Georgieva and Guzman are both listed as speakers at a Feb. 5 Vatican conference by the Pontifical Academy of Social Sciences.

Guzman met in New York with Luis Cubeddu, head of the IMF mission in Argentina, and Julie Kozack, the IMF deputy director for the Western Hemisphere.

The new administration of Argentine President Alberto Fernandez, who took office just last month, is preparing to renegotiate about $100 billion (76 billion pounds) in sovereign debt.

The IMF has a $57-billion financing agreement with Argentina, which is Latin America's third largest economy.

Fernandez has set a March 31 deadline to renegotiate Argentina's public debt.

Cubeddu, speaking to reporters as he left the meeting with Guzman, said it was "extremely positive" and had lasted more than an hour.

Argentine over-the-counter bonds closed 0.7% higher on Tuesday, as country risk <11EMJ> fell 26 basis points to 2,123, traders said.

(Reporting by Rodrigo Campos in New York; additional reporting by Cassandra Garrison; Editing by Bernadette Baum, Giles Elgood and Tom Brown)

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