Buenos Aires Hours | No deal with IMF before early 2021, Fernández tells CEOs

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President Alberto Fernández reportedly told a group of eight prominent businessmen on Tuesday that a deal with the International Monetary Fund would not be reached until 2022 at the earliest.

The president spoke to a group of executives – including representatives from large companies such as MercadoLibre, Corporación América, Pampa Energía and Pan American Energy – and said a deal would be reached early next year, said reported Bloomberg, citing a government official who asked not to be named about a private meeting.

Fernández also denied that leaders of the ruling coalition were divided over their approach to the Fund, telling CEOs: “There are no differences”.

Sources quoted by the Noticias Argentinas news agency said business leaders called on the government to do an about-face on some government policies, including the removal of the temporary ban on dismissing workers and a measure requiring them to do so. companies to double the severance pay of employees if dismiss them without cause.

Nonetheless, the focus remained on the US $ 44 billion debt to the IMF, with some leaders questioning the position of the opposition Juntos por el Cambio coalition, which some say should support any deal to quash it. ‘it is sustainable.

“The president has given us a lot of confidence in the willingness to reach an agreement” with the IMF, Eurnekian said after lunch in comments to local media.

The lunch with businessmen was first reported by Infobae.

The meeting was held with Economy Minister Martin Guzman in Washington DC, where he is holding technical and high-level meetings with IMF officials to rework a plan worth more than $ 40 billion, including included a meeting Tuesday with IMF Director Kristalina Georgieva. Talks have so far been slowed down, in part due to the upcoming midterm elections in Argentina to be held in November.

Speaking after his meeting with Georgieva, Guzmán said he hoped IMF leaders “will continue to take steps that will change the ethics of the IMF, leaving behind a world shaped by the global financial might that has helped a more unequal and more precarious world for another which promotes sustainable development. “

Guzmán, who also met with David Lipton, senior adviser to US Treasury Secretary Janet Yellen, called the meeting “valuable” in the quest to restructure Argentina’s “unsustainable” debt burden.

– TIMES / BLOOMBERG / NA

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