IMF Staff Statement on Argentina

November 20, 2020

Washington D.C: An International Monetary Fund (IMF) team, led by Julie Kozack, Deputy Director of the Western Hemisphere Department, and Luis Cubeddu, mission chief for Argentina, visited Buenos Aires from November 10 to 20, 2020 to begin formal discussions with the Argentine authorities regarding a new IMF-supported program to underpin their economic plans. At the conclusion of the mission, Ms. Kozack and Mr. Cubeddu issued the following statement:

“The IMF staff team and Argentine authorities [1] started delineating the contours of an IMF-supported program that could back the government’s plans to address the country’s deep economic and social challenges, which have been aggravated by the COVID-19 pandemic.

“The team welcomed the authorities’ intention to request an Extended Fund Facility (EFF) arrangement, and to underpin it with a broad political and social consensus. Good progress has been made in defining the initial elements of such a program, and further discussions are expected to continue virtually between the teams over the coming weeks. There was shared view that tackling Argentina’s near and medium-term challenges will require a carefully balanced set of policies that fosters stability, restores confidence, protects Argentina’s most vulnerable, and sets the basis for sustainable and inclusive growth.

“The team would like to thank the authorities for their support during our visit, and looks forward to our continued productive engagement in the period ahead.”

[1] IMF staff met with the Minister of Economy Martín Guzmán, the President of the Central Bank, Miguel Pesce, the Minister of Productive Development Matías Kulfas, the Minister of Social Development Daniel Arroyo, the Minister of Defense Agustín Rossi, the Minister of the Interior Wado de Pedro, the Minister of Labor Claudio Moroni, the Minister of Public Works Gabriel Katopodis, Minister of Security Sabrina Frederic and the Minister of the Environment Juan Cabandié. The team also held meetings with Deputy Chief of Staff Cecília Todesca and other senior public officials and the President of the National Congress Sergio Massa. The IMF Executive Director for Argentina, Sergio Chodos, participated in the discussions. The team also met with provincial government officials, representatives of academia, civil society organizations, and the private sector.

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