Argentina will not modify $45 billion debt with IMF -finance minister

BUENOS AIRES (Reuters) – Argentine overall economy minister Martin Guzman reported late on Friday that a $45 billion credit card debt offer with the Intercontinental Financial Fund will not be modified, adhering to a assembly with IMF head Kristalina Georgieva.

“We are not likely to change the ambitions of the application with the IMF,” Guzman instructed community media.

The South American country’s center-left Peronist federal government led by President Alberto Fernandez struck a employees-stage arrangement with the global loan company at the beginning of March to stay clear of a default.

The offer lays out a contemporary schedule of funding around a 30-month period of time to switch a unsuccessful $57 billion plan from 2018 that the grains-creating state was unable to pay back back again soon after yrs of economic downturn, spiraling inflation and capital flight

Nonetheless, Guzman cautioned with out giving additional aspects that there will be a transform in emphasis to focus on the social safety web thanks to the fallout from the Russian invasion of Ukraine which has activated throughout the world inflation.

Argentina has extensive experienced from exceptionally substantial inflation. However, the war has improved selling price surges in Argentina as effectively as considerably of Latin America. Argentina’s 2021 inflation hit over 50%.

(Reporting by Maximilian Heath Editing by Andrea Ricci)