IMF chief Georgieva tells Argentina, “it takes two to tango”

IMF chief Georgieva tells Argentina, “it takes two to tango”







 




 


IMF chief Georgieva tells Argentina, “it takes two to tango”

Saturday, February 6th 2021 – 08:47 UTC



Georgieva said that a mission will get into the specific questions on “the likely shape of the program.”

The chief of the International Monetary Fund (IMF), Kristalina Georgieva said on Friday that the fund is working towards reaching an agreement on a new loan deal with Argentina and the next round of meetings will focus on the details. However, “’it takes two to tango’ so both sides need to do our part and find the pathway to an agreement, and we are not yet at that point.”

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“But what I can tell you is that we are we are working in a very constructive way to reach an agreement,” Georgieva told reporters.

A spokesman for the International Monetary Fund told reporters on Thursday that a team from the crisis lender will hold a new round of virtual talks with officials from Buenos Aires in coming weeks and would strive to meet the government’s goal of reaching a deal by May.

Georgieva said that mission will get into the specific questions on “the likely shape of the program.” She stressed the need to balance stability with getting aid to the most vulnerable people and help boost economic growth driven by the private sector.

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Even prior to the Covid-19 pandemic, Argentina was facing a severe economic crisis despite massive IMF aid in recent years.

The coronavirus crisis exacerbated already high unemployment and poverty rates, and the government of President Alberto Fernandez is aiming to renegotiate repayments on a US$ 44 billion loan received from the IMF in 2018.

Argentina has been in recession since that year, and previously in stagflation for almost a decade. IMF projects GDP contracted 12% in 2020 while poverty has already soared to over 40%.

With information from AFP


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