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Finance

Argentina’s economy minister heads to Europe to woo finance officials over debts

Argentina's economy minister heads to Europe to woo finance officials over debts

By Nicolás Misculin

BUENOS AIRES (Reuters) – Argentine Economy Minister Martin Guzman will travel to Europe on Sunday to build support among G7 and G40 nations for a renegotiation of its multibillion-dollar debts to the International Monetary Fund (IMF) and the Paris Club group of creditor nations.

Guzman will travel to Germany, France, Italy and Spain, where he will meet his counterparts and other officials to outline Argentina’s restructuring plans during a five-day trip.

“The objective is to get the necessary support from IMF shareholders (especially G7 and G20) to finalize a program that will serve Argentina,” the Ministry of Economy said in a statement.

The government of center-left President Alberto Fernandez is scrambling to renegotiate the roughly $45 billion the country owes to the IMF.

The coronavirus crisis has ravaged the top grains producer’s already ailing economy, complicating efforts to make good on its obligations.

Argentina also faces the maturity of $2.4 billion in debt it owes to the Paris Club, whose members include the countries he is visiting.

(Reporting by Nicolas Misculin; writing by Aislinn Laing; editing by Jonathan Oatis)

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