BUENOS AIRES – Argentina has reached an agreement with the International Monetary Fund to refinance more than $40 billion in debt, President Alberto Fernández said Friday.
“We had an unpayable debt that left us without a present or a future, and now we have a reasonable agreement that will allow us to grow and comply,” Fernández said on national television.
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Since 2020, Argentina has been in an arduous negotiation with the IMF to refinance the debt contracted in 2018 during the government of conservative Mauricio Macri in the midst of a currency crisis.
Argentina had spent three years trying to renegotiate repayment terms with the IMF and considered a deal vital to stabilizing an economy whose lengthy crisis has been hit as well by the pandemic.