Argentina ‘economic roadmap’ for investors in New York, says IMF deal

ছবি Reuters File Photo: Argentine Economy Minister Martin Guzman poses for a photo on December 10, 2020, before an interview with Reuters at the Ministry of Economy in Buenos Aires, Argentina. Reuters / Augustine Mercarian / File photo

By Rodrigo Campos

NEW YORK (Reuters) – Senior Argentine officials met with private investors in New York on Friday, highlighting a highly sought-after economic “roadmap” for the volatile country and the prospect of a positive deal with the International Monetary Fund.

The meeting also touched on Argentine politics, with Economy Minister Martin Guzman and Cabinet Chief Juan Manzoor in attendance, and came after a tough meeting with the IMF to discuss a new deal worth about 45 45 billion.

A statement from the Argentine government after the meeting said a positive agreement with the IMF was a national priority. It said Manzoor was willing to pay tribute to Argentina’s honor.

Guzman gave what the government called a “roadmap” to Argentina’s economic outlook, saying the state must play a leading role in economic recovery after the Kovid-1 pandemic epidemic, investing in key sectors to boost growth.

“We need to strengthen our state,” he said, adding that the country has created problems for the economy, which is becoming increasingly dependent on debt and financial enforcement, and “that’s why we think it’s important that the deficit be reduced gradually.”

Investors in the country, plagued by inflation, debt and currency crises in recent years, have long complained of a lack of a clear economic plan. The country defaulted on private foreign debt last year before a major debt restructuring.

The meeting took place a few days after Guzman met with IMF chief Kristalina Georgieva, and the two agreed to continue working on developing a credible loan program.

Argentina and the IMF have been discussing for months a program that will replace the one that was hit in 2018 that failed and left the South American country as the largest fund or recipient with nearly US ৫ 5 billion in funding. Argentina has promised a new deal by the end of March.

Last year, Argentina restructured international 5 billion with private international credit issuers, but restructured bonds are trading at a recessionary level as investors worry about the soybean exporter’s economic outlook.

The price of the Argentine dollar bond changed slightly on Friday, with the dollar trading between 32 and 39 cents across the curve.

The Argentine peso has depreciated about 15% this year amid tight capital controls that control government rates, although these controls have created wide gaps with prices in the popular alternative exchange market.

The South American country is battling high inflation above 52% annually.

The Argentine government said the meeting was attended by investors, including Goldentry Asset Management. Morgan Stanley (NYSE :), Redwood (NYSE 🙂 Capital, Goldman Sachs (NYSE :), Gramercy, BlackRock (NYSE 🙂 and others.

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