August 11, 2020

Georgieva says "share" Fernández's goal of promoting growth

The managing director of the International Monetary Fund (IMF), Kristalina Georgieva, said Tuesday that she "fully shares the objective" of the new president of Argentina, Alberto Fernández, of "reducing poverty and promoting sustainable growth".

"Congratulations to Alberto Fernández as president of Argentina. We fully share his goal of adopting policies that reduce poverty and promote sustainable growth," Georgieva said in a message on his Twitter account.

Georgieva remarked that the IMF "remains committed to helping its government in this effort", in the midst of Argentina's difficult economic situation.

In his investiture speech today in Buenos Aires, the leftist Alberto Fernández said his government has the "will" to pay the "unsustainable" public debt left by the management of his predecessor, the center-right Mauricio Macri, but said that " lacks the ability to do it. "

Fernández said he will seek a "constructive and cooperative relationship" with the IMF, which in 2018 approved a loan of 56.3 billion dollars for Argentina, and the rest of the creditors, and regretted that it receives a "fragile" and "prostrate" country.

The Fund's program with Argentina is the largest in the history of the financial institution.

The Fund's latest calculations, released in October, suggest that Argentina will contract 3.1% in 2019 and 1.3% in 2020.

"Solving the problem of unsustainable debt is not a matter of winning a dispute against anyone. The country has the will to pay but lacks the ability to do so," he said.

In this sense, Fernández criticized the high inflation, which exceeds 50% year-on-year, the industrial and small and medium-sized companies deterioration and that the unemployment rate is the highest since 2006, as well as the sharp devaluation of the peso in four years and that "more than 10 years" in the fight against poverty has receded.

. (tagsToTranslate) Georgieva (t) share (t) Fernandez (t) encourage (t) growth

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