Argentina’s Debt ‘Not Sustainable,’ Says IMF.
This photo released by Argentina’s Economy Minister shows Argentina’s Economy Minister, Martin Guzman ; IMF Adjoint Director for the Western Hemisphere, Julie Kozack ; and IMF Mission Chief, Luis Cubeddu, during a meeting in Buenos Aires on February 14, 2020.Argentina’s debt is not sustainable, the IMF concluded Wednesday at the end of a week-long visit, urging the government to generate funds from private investors to address the issue.
Assuming power two months ago, Fernandez refused the final $13 billion disbursements of the loan, leaving Argentina’s exposure at $44 billion. “They have implemented a set of policies to address the rise in poverty, while also taking steps to stabilize the economy.”It added however that further efforts were needed to reduce inflation.
Since then, the peso had depreciated by over 40 percent, international reserves declined by about $20 billion, and real GDP contracted more than previously projected.“In light of these developments… IMF staff now assesses Argentina’s debt to be unsustainable,” the statement released after the talks said.
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