Argentina’s government made two payments owed to the International Monetary Fund before a Friday deadline as discussions for a new staff-level agreement will continue next week in Washington.
(Bloomberg) — Argentina’s government made two payments owed to the International Monetary Fund before a Friday deadline as discussions for a new staff-level agreement will continue next week in Washington.
The International Monetary Fund said negotiations between its staff and Argentine officials will continue in the coming days, according to a statement by Julie Kozack, the IMF director of communications. Argentina “remains current on their financial obligations to the Fund,” Kozack said.
“Technical discussions continue on a policy package to safeguard economic stability in the context of a challenging situation, partly affected by the historic drought,” Kozack added.
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The country used $1 billion in yuan from a currency swap line with China and $1.7 billion of special drawing rights (SDRs) issued by the International Monetary Fund for the repayment.
In a separate statement, Argentina’s Economy Ministry said a team led by senior officials Leonardo Madcur and Gabriel Rubinstein will travel to Washington early next week to close a staff-level agreement. Talks have dragged on for weeks for a new deal on the country’s $44 billion program.
Argentina’s currency is the worst performer in emerging markets this year. The central bank’s dollar reserves are at their lowest level since 2016, and when stripping out the swap line, gold and multilateral financing, its liquid cash reserves are in negative territory.
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