23:57 GMT31 March 2020
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    WASHINGTON (Sputnik) - The International Monetary Fund (IMF) assesses that Argentina's debt is unsustainable due to the depreciation of the peso, real GDP contraction and other financial risks, the Fund said in a statement.

    "IMF staff now assesses Argentina’s debt to be unsustainable", the Fund said on Wednesday after concluding its mission to the country.

    The IMF team visited Buenos Aires from 12-19 February, and hailed the meetings with Argentine officials as "very productive".

    The Fund highlighted Argentina's commitment to resolving the economic challenges facing the country.

    "The Argentine authorities are moving to address the difficult economic and social situation facing the country. They have implemented a set of policies to address the rise in poverty, while also taking steps to stabilize the economy", the IMF said. Argentina's government and the IMF will continue close cooperation, the statement added. "In the context of the upcoming G20 Finance Ministers meeting, IMF Managing Director Kristalina Georgieva will meet with Economy Minister Martin Guzmán to discuss the next steps in the IMF’s engagement with Argentina", it said.

    In June 2018, the IMF approved a $50 billion standby loan to Argentina. Later the same year, the Fund agreed to increase the loan to $56.3 billion.

    Under Mauricio Macri’s administration, Argentina – which has recently seen a deepening economic crisis and currency collapse – received $44 billion out of the $56.3 billion loan. The new president, Alberto Fernandez, said that his government would not take the rest of the loan and would review the repayment schedule.

    Tags:
    International Monetary Fund, Argentina
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