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ECONOMY | 22-03-2022 15:50

Argentina to resume Paris Club talks over US$2-billion debt

Argentina is resuming negotiations this week with a wealthy group of nations known as the Paris Club over US$2 billion in outstanding debt as a grace period ends. 

Argentina is resuming negotiations this week with a wealthy group of nations known as the Paris Club over US$2 billion in outstanding debt as a grace period ends. 

Economy Minister Martín Guzmán will meet Tuesday with Paris Club President Emmanuel Moulin in the French capital to restart talks.

Argentina last year agreed to push out the bulk of payments it owed to the group of nations until March 31, while Guzmán negotiated a new programme with the International Monetary Fund.

Argentina reached a deal earlier this month with IMF staff to reschedule US$45 billion of payments owed to the Fund after two years of negotiations. The lender’s board of directors will discuss the agreement Friday, the final step of approval. 

As part of the June agreement with the Paris Club, the government paid US$430 million in a series of instalments between July and this year. Both sides agreed to restart talks by March 31 on the outstanding US$2 billion.

The Paris Club usually requires countries to have an IMF programme in order to restructure debt payments. 

by Patrick Gillespie, Bloomberg

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