Argentina will postpone to March 31, without going into default, the maturities of next Monday and Tuesday with the International Monetary Fund (IMF), the agency reported today, which in turn highlighted the “political and social support reached in the country the agreement achieved, in reference to the approval achieved in the National Congress.
IMF spokesman Gerry Rice said today that “I can confirm that the authorities have informed the IMF that they will combine Argentina’s payment obligations due on March 21 and 22 in a single repurchase to occur before March 31, 2022, for a total amount equivalent to about SDR 2,014 millions“.
“The government’s decision, which does not require IMF Executive Board approval, is consistent with IMF rules and with Argentina remaining in good standing with the Fund. Consequently, Argentina will not incur in arrears“, he added.
He also showed his “welcome the recent approval by the Argentine National Congress of the agreement reached with the IMF staff to be backed by an Extended Fund Service Agreement (SAF),” Rice said.
From the IMF they highlighted that the organization “places great value on the broad social support for the success of the Program and legislative approval is an important signal that Argentina is committed to policies that foster more sustainable and inclusive growth“.
In turn, parliamentary approval “It is testimony to the dedication and hard work of the Argentine authorities that have helped achieve this important step forward.”added the statement.