IMF, Argentina do not have a timeline for fund-supported program

IMF, Argentina do not have a timeline for fund-supported program

Bonds Debt Capital Markets Corporate & Sovereign Strategy Economy & Policy Fixed Income Funds Argentina Latin America

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The International Monetary Fund (IMF) on Thursday said at present there is no timeline on possible next steps for an eventual fund supported program with Argentina.

"They would first want to conduct and Article IV consultation," the IMF spokesman Gerry Rice said in a press conference, referring to Argentina's government.

Article IV consultations are country visits by IMF economists to assess economic and financial developments and discuss the country’s economic and financial policies with government and central bank officials.

"We have active and constructive dialogue with the authorities," Rice said, adding: "but at this stage we have not started discussions on a fund supported program."

Asked about ongoing debt restructuring negotiations between Argentine authorities and bondholders, Rice said: "In line with our long-standing practice for all countries, these negotiations are a bilateral matter between Argentina and its creditors and do not involve the IMF directly."

Rice nevertheless did express optimism regarding the process. “We are encouraged by the willingness of both sides to continue discussions to reach an agreement."