Argentina to discuss loan repayment with IMF in US

Officials from Argentina’s economy ministry and central bank will travel to Washington Saturday for talks with the International Monetary Fund on repayment of a debt of $44 billion, both sides announced.

The meeting is aimed at “working on the search for an agreement, which we all expect to happen soon,” presidential spokeswoman Gabriela Cerruti told reporters Thursday in Buenos Aires.

An IMF spokeswoman told AFP a team from the crisis lender would meet the Argentine delegation “to deepen technical discussions toward an IMF-supported program.”

Argentina has received $44 billion of a $57 billion IMF loan arranged under former president Mauricio Macri.

After taking office, his successor Alberto Fernandez refused to accept the rest of the loan. Argentina, the IMF’s biggest debtor, has been in recession since 2018 and is seeking to renegotiate the loan.

So far this year, Argentina has made a $1.9 billion down payment on the loan, and paid $1.3 billion in interest.

The government has said it will make a further $1.8 billion down payment by December 18.

If no agreement is reached, Argentina would have to pay the rest to the Fund in installments through 2024, with the lion’s share to be reimbursed in 2022 and 2023.