United States government asked Guzmán for a solid economic plan to help the country negotiate with the IMF

The US Treasury Department told Minister Martín Guzmán that Argentina needs a solid economic plan to have Washington’s support in its negotiations with the International Monetary Fund (IMF).

This has been reported by the body which conducts Janet Yellen, specifying that “yesterday, the Under-Secretary of the Treasury, Wally Adeyemo, met with the Argentinian Minister of Economy, Martín Guzman ”.

“Under Secretary Adeyemo reviewed Argentina’s consultations with the Paris Club of bilateral creditors and Argentina’s ongoing negotiations on a new program with the International Monetary Fund.”

Administration official Biden told the minister that “A strong economic policy framework for Argentina that offers a vision of growth in employment in the private sector would have the support of the United States and the international community”, as reported by the North American body.

A strong economic policy framework for Argentina that offers a vision for private sector employment growth would have the support of the United States and the international community.

The Ministry of the Economy had so far not reported on this communication, the content of which evaporates the fantasies of some Argentinian officials about Yellen’s possible support for Guzmán because of the closeness between her husband, George Akelof, and the intellectual godfather of the minister, the Nobel laureate Joseph Stiglitz.

Adeyemo, 40, is a Nigerian-American citizen and chaired the Obama Foundation under the previous Democratic administration and also served as Undersecretary of Homeland Security for International Affairs and deputy director of the National Economic Council.

He holds a PhD from Yale and was previously involved in the campaign for John Kerry in 2004 and collaborated with the secretary Jack lew to the Treasury. He notably worked within the Trans-Pacific Alliance. Along with Obama, he was also the Treasury representative to the G7 and G20.

Previously, He was a senior advisor to BlackRock, Wall Street’s largest investment fund, which clashed with the Argentine government over the debt swap in 2020.

During his visit to Washington in March, Guzmán was unable to make direct contact with the Treasury, a key body to close negotiations with the IMF to postpone payment of the $ 45,000 million debt held by the government. ‘Argentina.

The main event on Guzmán’s agenda for this trip, which took place in March, was the meeting he had with the Managing Director of the IMF, Kristalina Georgieva. However, since then negotiations have not progressed although the Palacio de Hacienda has indicated that it is technically close.

Without contact with the Treasury, Guzmán took advantage of this visit to the American capital to also meet the senator Bill Cassidy, a republican who sits on the finance committee.

Previously, he had met the Managing Director of World Bank Operations, Axel van Trotsenburg, which ratified loans to Argentina for infrastructure development, social protection, health, employment and climate change for $ 2 billion in 2021, of which around $ 420 million was already approved last month.

Previously, the Minister had passed through New York, where he had met representatives of investment funds that participated in the debt swap and who since then have been highly skeptical of the situation in Argentina.

Guzmán continued his international contacts in Europe, where he also met his counterparts from Spain, Italy, France and Germany, to advance the 10-year agreement with the IMF and the extension of the deadline. payment to the Paris Club for 2.4 USD. billion. . The country has not paid within the initial deadline of late May and has until the end of July to avoid defaulting.

Both in Europe and Washington, they clarified that he needed a guarantee from the Fund to renegotiate with the Club better financial conditions in terms of duration and interest rates compared to the agreement reached by the minister at the time. Axel Kicillof in 2014, who for not having accepted that Argentina have the revision of Article IV of the IMF, had to accept the terms that the government of Alberto Fernández.

This week, House Speaker Sergio Massa plans to meet in Washington with key government officials and the US Congress to advance those efforts.

In his speech with businessmen convened by the Inter-American Council of Trade and Production (CICyP), Guzmán said today that “Every tour with the president has to do with building support that strengthens Argentina’s position and creates common sense with what Argentina needs.” The next stage of this trip will be at the end of the month with the second meeting between Fernández and his French counterpart, Emmanuel Macron.

Last week, IMF spokesperson, Gerry Rice, clarified that there is no news regarding the communication Argentina needs to gain support within the Club or on time to complete a team mission to Buenos Aires, a possibility that from Washington they think the ruling party wants to avoid at all costs in the middle of this year’s election campaign.

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