IMF asks Argentina for a plan with ‘broad political and social support’

The International Monetary Fund has called for Argentina to present an economic programme with "broad political and social support" in the wake of last Sunday's legislative elections. 

According to an IMF spokesperson, the Fund considers it "important" that any agreement that restructures the country’s US$44-billion debt has strong political backing. The official underlined that "high inflation" would have to be tackled.

Speaking immediately after the election results became known, President Alberto Fernández announced that he would send to Congress a bill with an economic plan detailing the “understandings” it had reached in talks with the IMF.

The Peronist leader said it would lay out a “multi-year economic programme for sustainable development” and called on the opposition to support it.

An IMF spokesperson, cited by the TN news channel and Noticias Argentinas news agency, said that work is continuing to "reach full understandings on a comprehensive plan that can durably address Argentina's most pressing economic and social challenges, including high inflation, which disproportionately hurts the most vulnerable."

"It is important that this plan has broad political and social support. Our goal remains to help Argentina and its people," the spokesperson said. 

Sources close to the talks say the government is seeking a financing plan lasting at least 10 years, meaning at least three successive governments would have to abide by its terms.

Any forthcoming bill would almost have to be dealt with by the new Congress, with lawmakers elected in last Sunday’s vote due to take office on December 10.

– TIMES/NA