BUENOS AIRES (Reuters) – Talks between Argentina and the International Monetary Fund (IMF) are advancing, the development bank’s Argentine representative said on Saturday, a further sign of progress as the struggling South American grain producer continues negotiations to repay his $ 45. billion in debts to the Fund.
A spokesperson for the fund on Friday called the recent talks “very productive” but declined to provide a timeline for a potential deal. Argentina supported this view on Saturday.
“We continue to move forward on important milestones and areas of agreements. We are on the right track to build (the agreement), step by step, ”Sergio Chodos, Argentina’s representative to the IMF, told a local radio station, according to a statement from the Argentine government. “The earliest would be best.”
“Argentina’s unsustainable debt level is clear. Argentina must access a new program with the IMF to pay what is due, ”added Chodos.
Argentina’s economy has been plagued by continued high inflation for more than two years, a problem made worse by the still-lingering coronavirus pandemic.
(Reporting by Jorge Iorio; Writing by Maximilian Heath and Dave Sherwood; Editing by Daniel Wallis)