Argentina’s Guzman Says IMF Credit Line Deal Will Take Time

Argentine Finance Minister Martin Guzman said finalizing a plan with the International Monetary Fund to repay $45 billion in debt likely won’t happen by May or June, Bloomberg News reported. Changing the terms of a previous repayment program would require the support of nations like the U.S., China, Germany, Japan and France, the finance minister said in an interview with CNN Espanol. The Argentine government is unable to pay the IMF the $45 billion required between September 2021 and 2024, he said. “It isn’t a technical negotiation between the IMF staff and the Argentine government,” Guzman said. “It’s a discussion of a geopolitical nature. There isn’t enough time if one wanted a deal soon.” The comments come on the heels of meetings between Argentine and IMF officials last month. Negotiators Luis Cubeddu and Julie Kozack said in a statement that they had found “common understanding” with Argentina on areas such as inflation, exports and developing domestic capital markets. “The worst of all would be to make a hasty deal based on propositions that harm Argentina,” he said. Read more.