BUENOS AIRES, Oct 3 (NNN-MERCOPRESS) — Argentina’s Economy Minister Martin Guzman said that a mission from the International Monetary Fund will arrive in the country next week as the country looks to negotiate a new program with the organization.
“There is a constant, constructive dialogue. This week we have been working in a virtual way together with a mission. On Tuesday a mission will be arriving,” Guzman said, speaking in a televised interview with local publication Ambito.
Argentina needs a new deal with the IMF to replace a failed US$ 57 billion program struck in 2018, which was unable to stave off an economic crisis that saw the country fall into default earlier this year, since cured with a major debt restructuring.
Guzman said that economic policy “fine tuning” was needed to bolster growth, including harmonizing interest rates.
Argentina is headed for an economic contraction of around 12% this year, which would be the third straight year of recession, while investors have been rattled recently by moves to tighten capital controls to protect dwindling reserves.
