IMF: Negotiations with Argentina continue; “no letter from China urging IMF to a quick solution”
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IMF: Negotiations with Argentina continue; no letter from China urging IMF to a quick solution
Kozack, Our team has been working intensively with the Argentine authorities to make progress toward the completion of the fifth review.
Julie Kozack, Director of the IMF Communication Department held her weekly media conference and made some announcements referred to the current IMF/|Argentine negotiations. Ms. Kozack revealed that IMF/Argentina negotiations are ongoing, did not advance more details on possible closing dates and denied the existence of a letter from Chinese officials urging a quick solution to the Argentine case. Such as information was leaked in Argentina by government sources. Finally Ms Kozack anticipated that IMF officials and staff will be on holidays beginning July 31st until 11 August.
Ms Kozack, Thank you so much for all of your questions. In terms of the update, where are we in Argentina? The teams have been working intensively. Our team has been working intensively with the Argentine authorities to make progress toward the completion of the fifth review. And to help the authorities address a very complex and challenging situation.
As I have noted before, the focus of these discussions has been on alternatives to strengthen the authorities’ program, while recognizing the act of the drought on the economy. And this includes discussions on policies to safeguard stability, by enhancing reserve accumulation and improving fiscal sustainability, while of course protecting the most vulnerable parts of the population.
In terms of the details of those of the discussions, because the teams are still in discussion, I will not pre-empt those discussions and I will not get into the details other than to say that the discussions are frequent, and they are aimed at advancing the program. And we will communicate more on the details of the program when we have them.
With respect to a couple of the other questions on the letter (from Chines officials), us under understanding is that there is no such letter.
With respect to the payments in RMB, our general practice is not to comment on the specific transactions of a member country. As we have stated in the past, the Argentine authorities continue to remain current on their financial obligations to the IMF. The RMB is one of the five freely usable currencies that members can and have used to settle their obligations with the IMF.
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