Economics
Argentina Asks for New IMF Plan to Replace $57 Billion Deal
- Officials ask for consultations to begin ahead of a new plan
- Government calls the 2018 IMF program “canceled and derailed”
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Argentina’s government formally requested negotiations to begin with the International Monetary Fund on a new program to replace a record $57 billion agreement from 2018 which failed to lift its crisis-prone economy.
Officials called for the beginning of consultations ahead of a program that will address $44 billion in payments owed to the multilateral lender as part of its previous arrangement that was never fully disbursed, according to a letter sent to IMF Managing Director Kristalina Georgieva and posted on Twitter on Wednesday. The government praised the IMF for a “constructive relationship” so far and said it wants the new program to avoid the pitfalls of the past one.