FILE PHOTO: Argentina's Economy Minister Martin Guzman gestures during a conference hosted by the Vatican on economic solidarity, at the Vatican, February 5, 2020. REUTERS/Remo Casilli/File PhotoRIYADH/BUENOS AIRES: Argentina on Saturday agreed to start consultations with the International Monetary Fund that could lead to a new financing programme, days after the global lender said the country's debt situation had become"unsustainable".
Article IV talks would allow the IMF to inspect Argentina's accounts before a new agreement is signed. This would give an assurance to bondholders as they head into restructuring talks that Argentina, notorious for mismanaging its debt, is under IMF supervision. The South American country has defaulted on debt obligations eight times so far and Guzman has said he wanted the upcoming bond revamp to be done in a spirit of cooperation.
She said the newly elected Argentine government - initially deeply sceptical about continued involvement with the IMF - had agreed to deepen its engagement with the Fund through formal consultations as it worked to"secure a sustainable and orderly resolution of Argentina's debt situation". Georgieva, a Bulgarian and the first official from an emerging market economy to head the IMF, commended the efforts of the Argentine government to put in place policies aimed at stabilizing the economy, reducing poverty and dealing with its debt.
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