The IMF says technicians are still working on the Argentina review and avoids setting dates

The International Monetary Fund stressed this Thursday that teams from the organization and Argentina they are still working in the second technical review of the program e did not confirm that a deal will be announced this Friday, as the minister Sergio Massa had anticipated.

Since the new minister took office, the Fund and Economy technicians have been working for several weeks through Zoom, the latest in Washington, in the technical review of the second semesterthan when approved by the board of directors it would free up about $ 4 billionthe majority intended to pay exactly an impending deadline with the agency next week.

During his recent visit to Washington, Massa met with the Fund’s chief executive, Kristalina Georgieva. At the end of their meeting, the official said the review would be completed “in the next few days”.

And, while not leaving Washington with the document in hand, Massa left happy: “I am pleased to know that we have ordered and closed the work path for the second semester with the Fund”, said the minister in a press conference before departure. And estimated the announcement date was Friday.

This Thursday, at a press conference in Washington, IMF communications director Gerry Rice spoke “Significant progress in critical areas”but he said, “We don’t have a day” to finalize the deal, which he estimated would come out “Coming soon”.

Rice said Georgieva’s meeting with Massa was “very positive” and highlighted that there have been important progress in “critical areas such as the macroeconomic framework, fiscal parameters, the primary deficit, the objectives, the monetary policy framework, very important to fight inflation.

He confirmed that Georgieva noticed a “Strong sense of commitment by the minister and his team with the program ”and who was very impressed. “We have a partner with whom we can work well”, She said.

As for the program, the teams are still in talks. This is already happening, now virtually with a view to a conclusion on the agreement at the technical staff level, what they call the agreement with the staff. This will happen in the next few days. I don’t have a specific date right now, but we will definitely announce it as soon as possible, “Rice said.

Fund technicians, led by Luis Cubedduand the Economics team, with the economic consultant Leonardo Madcur and the Deputy Minister Gabriel Rubinstein leading the Argentine delegation, they should complete the agreement soon because we have urgent dates. On 21 and 22 September, $ 2.8 trillion must be paid into the Fund and the agency’s approval process is their bureaucracies.

After the technical agreement, the staff must submit the entire package to the board of directors for final approval and disbursement. Asked when might be a possible date for the board meeting, Rice said the problem usually shows up 2-4 weeks after staff approves.

In any case, the spokesperson specified: “Everything that has to do with payments is handled as it should, by the Argentine authorities and in an orderly manner. So I don’t have any information to add. “

Although the revision is estimated to come out, it is still there doubts that the country will be able to achieve the objectives of the third review. When asked about the challenges for that phase, Rice said he didn’t have “the crystal ball” and that they were still working on the second.