Argentina’s Guzman pushes financial ‘roadmap’ to traders in New York By Reuters

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© Reuters. FILE PHOTO: Argentina’s Financial system Minister Martin Guzman poses for an image earlier than an interview with Reuters on the Financial system Ministry, in Buenos Aires, Argentina December 10, 2020. REUTERS/Agustin Marcarian/File Picture

By Rodrigo Campos

NEW YORK (Reuters) – Argentine Financial system Minister Martin Guzman met with non-public traders in New York on Friday, and in line with sources contained in the assembly centered his consideration on laying out a “roadmap” for the embattled nation’s financial outlook.

The assembly, which additionally touched on Argentine politics, was attended by Argentine Cupboard Chief Juan Manzur and got here after a crunch assembly with the Worldwide Financial Fund (IMF) to debate a brand new deal to revamp some $45 billion in funds.

Friday’s assembly centered on Argentina’s financial outlook, together with the newest negotiations with the IMF, and an replace on the political panorama. The nation defaulted to personal collectors final yr earlier than a serious debt restructuring.

Guzman gave what one attendee known as a “roadmap” for making Argentina’s financial progress secure and fight volatility. Buyers, stung by inflation, debt and foreign money crises within the nation lately, have lengthy complained of a scarcity of a transparent financial plan.

The assembly got here days after Guzman met with IMF head Kristalina Georgieva, and the 2 agreed to proceed engaged on creating a reputable mortgage program.

Argentina and the IMF have for months been negotiating a program to interchange one struck in 2018 that failed and left the South American nation as the most important Fund borrower with a debt near $45 billion. Argentina pledged to have a brand new deal in place by the tip of March on the newest.

Final yr Argentina restructured some $65 billion in debt with non-public worldwide collectors, however the restructured bonds are buying and selling at distressed ranges as traders fear concerning the soy exporter’s financial outlook.

Argentine greenback bond costs have been little modified on Friday, buying and selling between 32 and 39 cents on the greenback throughout the curve.

Argentina’s peso foreign money has devalued some 15% this yr amid strict capital controls that maintain the official price in verify, although these controls have created a large hole with costs in standard various trade markets.

The South American nation can also be fighting excessive inflation operating above 52% yearly.

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