The International Monetary Fund announced today that it has extended until Thursday, March 31, the deadline for Argentina to pay the maturities of next Monday 21 and Tuesday 22, for a total amount of USD 2,782 million, and that the organization's board will vote on next Friday, 25, the program agreed with the Argentine government.
The extension of the deadline was negotiated by the Minister of Economy, Martín Guzmán, and the Argentine representative at the IMF, Sergio Chodos, to prevent the tight deadlines from causing Argentina to incur any kind of arrears or delays. One of the factors taken into account is the war in Ukraine, following the invasion of Russia, which could have altered the processing times by the board and given very little operational time for Argentina to make the payment.
The maturities are 2,014 million Special Drawing Rights (DEGs), the “currency” of the Fund, which at the exchange rate on Friday the 18th equals 2,781.8 million dollars.
In this way, they pointed out from Economía, Argentina to avoid entering into any possibility or concept of default, arrears or arrears. The extension procedure is also part of the Fund's own rules.
The organization's statement acknowledges the support for the agreement reached, highlights the hard work of the Argentine authorities and emphasizes that with the negotiated extension Argentina avoided incurring delays, in addition to specifying that
“We welcome the recent approval by the Argentine National Congress of the agreement reached with IMF staff to be supported by an Expanded Service Agreement of the Fund,” said the organization's spokesman Gerry Rice.
The statement also said that the Fund “places great value on broad social support for the Programme's success and legislative approval is an important sign that Argentina is committed to policies that foster more sustainable and inclusive growth.”
In addition, he points out that “to allow time to contemplate the rapid changes in world events, including the war in Ukraine, the IMF Executive Board will meet to discuss Argentina's request for a program supported by the Fund on Friday, March 25.”
Rice also said: “I can confirm that the authorities have informed the IMF that they will combine Argentina's payment obligations due on March 21 and 22 into a single buyback to occur prior to March 31, 2022, for a total amount equivalent to about SDR 2,014 million.
In this way, the agency stressed, Argentina will not incur arrears. “The government's decision, which does not require the approval of the IMF Executive Board, is consistent with IMF rules and with Argentina keeping up with the Fund. Consequently, Argentina will not incur arrears.”
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