WASHINGTON (Sputnik) – The International Monetary Fund (IMF) assesses that Argentina’s debt is unsustainable due to the depreciation of the peso, real GDP contraction and other financial risks, the Fund said in a statement.
The IMF team visited Buenos Aires from 12-19 February, and hailed the meetings with Argentine officials as “very productive”.
The Fund highlighted Argentina’s commitment to resolving the economic challenges facing the country.
In June 2018, the IMF approved a $50 billion standby loan to Argentina. Later the same year, the Fund agreed to increase the loan to $56.3 billion.
Under Mauricio Macri’s administration, Argentina – which has recently seen a deepening economic crisis and currency collapse – received $44 billion out of the $56.3 billion loan. The new president, Alberto Fernandez, said that his government would not take the rest of the loan and would review the repayment schedule.
Sourse: sputniknews.com
