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Mexican president urges Argentina to accept IMF debt deal -Breaking

by Mike Robinson

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© Reuters. As members of parliament discuss the agreement between the government and the International Monetary Fund, (IMF) in Buenos Aires on March 10, 2022, a man passes posters as protestors walk past them. REUTERS/Agustin Marka

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MEXICO CITY, (Reuters) – Mexican President Andres Manuel Obrador urged Argentina on Thursday to agree to a $45 billion new deal with the International Monetary Fund. Instead of defaulting on its debt.

The IMF and Argentina have reached a deal for a 30-month extension of the fund facility (EFF), replacing an ineffective 2018 program. This will push back repayments to 2026-2034. The IMF board must approve it.

Lopez Obrador stated that “this is a matter for Argentina, but if asked for my opinions, I would tell them that they accept the extension of payment,” Lopez Obrador said at a regular news conference.

Lopez Obrador, an ally and friend of President Alberto Fernandez said that Argentina would not default on its debt.

Lopez Obrador read from Fernandez a March 5th letter and stated, “Honorable persons know that you have been made a bankrupt nation by your predecessor’s reckless decision to allow Argentina to assume unlimited debt in complicity and foreign governments and financial institutions.”

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