BUENOS AIRES (AP) — Argentina announced on Tuesday that it agreed with the Paris Club to postpone the cancellation of a $2 billion debt due at the end of March. This organization brings together official creditors and is made up of European countries, the United States and Japan, among others,
This was the last negotiation pending in the South American country after restructuring a debt with private creditors of almost $70 billion and refinancing another $45 billion with the International Monetary Fund (IMF).
The Ministry of Economy reported in a statement that “the agreement reached includes financial guarantees by the Paris Club in support of the Extended Facilities program that lasts thirty months, allowing Argentina to secure the financial sources identified in the agreement with the IMF.”
The Argentine government closed an Extended Facility Program with the IMF for weeks in which it will receive disbursements from the agency to meet its obligations for two and a half years, and in return it will have to undergo quarterly reviews.
In the same period, Argentina “will make partial payments to Club members in proportion to those made to other bilateral creditors,” the official statement explained. However, the parties committed themselves to renegotiate the terms of the debt incurred before 30 June of this year.
The announcement comes days before the IMF executive board decides whether to endorse the agreement reached to refinance the debt granted to Argentina in 2018. The Paris Club expressed its support for it on Monday.
“We recognize that the objective of this program with the IMF is to strengthen Argentina's macroeconomic stability and foster inclusive and sustainable economic growth in the medium and long term,” said Paris Club President Emmanuel Moulin.
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