Argentina will not modify $45 billion debt with IMF -finance minister

BUENOS AIRES Reuters – Argentine economy minister Martin Guzman said late on Friday that a 45 billion debt deal with the International Monetary Fund will not be modified, following a meeting with IMF head Kristalina Georgieva.

“We are not going to change the goals of the program with the IMF,” Guzman told local media.

The South American countrys centerleft Peronist government led by President Alberto Fernandez struck a stafflevel agreement with the international lender at the beginning of March to avoid a default.

The deal lays out a fresh schedule of financing over a 30month period to replace a failed 57 billion program from 2018 that the grainsproducing country was unable to pay back after years of recession, spiraling inflation and capital flight.

However, Guzman cautioned without giving more details that there will be a change in emphasis to focus on the social safety net due to the fallout from the Russian invasion of Ukraine which has triggered worldwide inflation.

Argentina has long suffered from extremely high inflation. However, the war has increased price surges in Argentina as well as much of Latin America. Argentinas 2021 inflation hit above 50.