Global Courant
Massa will sign agreements within the framework of the refinancing agreement reached in October. The next step is Japan, a key country in the Fund.
The Government will advance this Monday in the regularization of the debt with the Paris Club. The Minister of Economy, Sergio Massa, will sign agreements with France, Spain and Sweden at 12 noon, member countries of this consortium of creditors with whom individual agreements were pending, after the general understanding reached last October.
Massa agreed at that time with the head of the Paris Club and French Treasury Secretary, Emmanuel Moulin, a new agreement based on the one signed in 2014 by Axel Kiciloff for the debt in default since 2002. Specifically, the rate was reduced from 9 to 3.9% for the first three payments (later it rises to 4.5%) and extended the payment in thirteen semi-annual installments until 2028.
Then, in December, the government began signing individual agreements. The total debt is US$ 1,972 million with 24 agencies and banks from 15 countries that make up the Paris Club: Germany, Spain, France, the United States, Belgium, Denmark, Austria, Canada, Israel, Italy, Japan, Sweden, Switzerland , UK and Netherlands.
In Economy, they assure that the agreements would eventually allow the expansion of a line of credit or investment project. “With this we finish closing individually what we agreed with the Paris Club, with these countries plus Japan, which signs soon, we have all the agreements to have direct financing from the countries,” they assured from the Palacio de Hacienda.
Japan is one of the countries with a prominent seat in the Fund and one of those that would be blocking the agreement that Massa is negotiating with Washington. In the last review of the program, the board warned that the completion of the technical understanding with the Paris Club is “essential” to ensure that financial commitments are met and strengthen reserves.
“The signing of the agreements does not directly influence, but if you are in order with the countries that have to vote for you in the Fund, it is a good sign to resume financial relations, it was also a claim that was made in the agreement with the IMF to regularize the debt, from now on we won’t have to put it in anymore,” explained an official.
The agreement with the Paris Club began to be renegotiated with Martín Guzmán, after the interruption of payments in 2019. According to official data, US$ 200 million matures in September, the second of the year with said creditors. And with that capital payment, the total debt will drop to US$1.77 billion, a commitment that will fall to the next administration.
seek to regularize the debt with France, Spain
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