Argentina has struck a $ 44.5 billion reserve deal with the International Monetary Fund (IMF), the government said on Friday, a significant step forward in the tense and lengthy loan restructuring talks that the country is unable to repay.
The South American country has been in talks, according to Reuters, for more than a year with the IMF over a new program to renew debt from a failed $ 57 billion loan deal from 2018, the fund’s largest ever. Completed $ 700 million payment ending Friday.
“With this agreement, we can organize the present and build a future,” said President Alberto Fernandes, speaking to the nation from his home in the capital, Buenos Aires, adding that the agreement would not limit financial plans or the costs of Argentina.
“We had an unpaid debt, which left us with no present and no future. Now we have a reasonable agreement that will allow us to grow and meet our obligations through our development.”
The IMF did not comment on the deal.
Recent uncertainty over a deal has hit Argentina’s government bonds as anti-IMF rhetoric has risen in the grain-producing country, with some protesters on Thursday calling on the government to suspend repayments.
Source From: Capital
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