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(Bloomberg) — Argentina’s Economy Minister Sergio Massa received praise from International Monetary Fund Managing Director Kristalina Georgieva as he wrapped up a week-long vacation in the United States to protect lenders as part of a review of a $44 billion loan program.
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Georgieva praised Massa, who took office six weeks ago, for the “strong measures” he has taken to stabilize the Argentine economy and “his transparent goal of mobilizing external support,” he said Monday.
He added that the IMF intends to conclude a review of its program with Argentina “in the coming days” and that it will not change any goals.
Read more: Argentina gets vote as IDB increases Loan for Massa’s travel
Georgieva’s comments go beyond the same old rhetoric of Argentine officials in Washington, a mirror image of how Massa, an experienced political operator, showed the political strength his predecessors lacked. Before Monday, Massa spent a week meeting with executives at Exxon Mobil Corp. , Chevron Corp. , Amazon. com Inc. , and Goldman Sachs Group Inc. , among several others.
Last week, the Inter-American Development Bank presented the construction of its financing for Argentina while its leaders also applauded Massa.
Massa met briefly Monday with U. S. Treasury Secretary Janet Yellen and her team, a high-level assembly in which Argentina’s former economy ministers did not enter the scene so early. Yellen encouraged Massa to implement the reforms needed to rebuild the government’s credibility, stabilize markets and set the level for sustainable growth, according to a Treasury official who asked not to be named.
“I’m happy with the results” of the trip, Massa told reporters in Washington after the meetings. “But I perceive that this is a step. The scenario in Argentina is fragile because we have a wonderful fight against inflation and we have the country that they are suffering a lot, so we have a lot of cadres ahead.
Read more: Argentine inflation will exceed one hundred percent until the end of 2022, according to EcoGo
Massa also told reporters that he expected all technical documents for the IMF’s review of Argentina’s program to be finalized by Sept. 16, as the government submits its annual budget to Congress the day before.
Argentina is seeking approval from the IMF’s Executive Board for the next disbursement of the program, as it would cover two bills totaling $2. 6 billion the country owes the establishment through Sept. 22 under a previous program. These bills to the IMF exceed all net money reserves will be delivered to Argentina’s central bank last week, analysts estimate.
Despite the meetings, Massa faces enormous demanding situations in the crisis-prone Latin American economy. Inflation is expected to end at or about one hundred percent this year, central bank reserves, while recovering, remain in critical territory and activity is expected to enter a brief recession at the time of part of the year.
The country’s benchmark dollar bonds maturing in 2030 in troubled territory at around 25 cents consistent with the dollar.
(Updates linked in the last paragraph).
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