Thursday, July 9, 2020
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ARGENTINA | 05-02-2020 13:14

France will back Argentina to renegotiate debt with the IMF

Alberto Fernández continues his european tour with French President Emmanuel Macron’s company at Elysée Palace in order to obtain significant political support to negotiate a rescheduling of the maturities of Argentina's large foreign debt.

French President Emmanuel Macron roundly expressed his support to Argentina in a meeting in Paris, which took place during Alberto Fernández’s european trip.

"France will stand by you and mobilize with the International Monetary Fund (IMF) and other partners to help Argentina get back on the path of growth, of sustainable debt," Macron declared at the Elysée Palace.

"The economic situation in Argentina is a matter of concern and mobilisation for us and we have always supported efforts to stabilise its economy and to integrate it into the international financial community and we will continue to do so," added the French leader.

42 year old President received Frente de todos leader at the Elysée’ doors, the headquarters of french presidency, with a warm welcome and a short statement to the press before a reunion behind closed doors.

"I am very happy that before we start talking about it you express your support for us at the IMF, for us that is very important," affirmed the Peronist leader, who took office in December.

"Solving the debt problem is a necessary condition to be able to grow and the IMF has to know how to listen to us and to our proposal," added Fernández, for whom the renegotiation of Argentina's debt is a priority.

Fernández’s european tour, which took him to Rome, Germany and Spain, aims to obtain significant political support to negotiate a rescheduling of the maturities of Argentina's large foreign debt.

The liabilities amount to US$311 billion, of which US$44 billion is with the IMF, agreed under the government of former president, the liberal Mauricio Macri.

The foreign debt is equivalent to about 91 percent of Argentina's GDP.

According to the government’s objectives, the amount to be renegotiated before the March 31st is about US$ 195 billion (57 percent of the GDP), which corresponds to the public debt with private bondholders and bilateral and multilateral organizations.

Before the closed-door bilateral meeting, the French president offered a lunch at the Elysée Palace in honor of the Argentine president, with the participation of members of the Argentine community, including soccer player Ángel di María and writer Silvia Baron Supervielle.

- TIMES/AFP

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