Protest in Buenos Aires against austerity measures. Photo: Carolina Jaramillo/Shutterstock
After sealing an agreement with private bondholders in 2020 and the International Monetary Fund (IMF) in 2022, Argentina took another step in the restructuring of its public debt on Monday. The country reached an agreement to defer USD 2 billion in payments to the Paris Club, an international consortium of lending countries, to September 2024 or “until there is a new framework agreement.”
This way, President Alberto Fernández’s government will buy more time for Argentina to shore up its Central Bank foreign currency reserves to pay back creditors.
Argentina’s negotiations with the Paris Club have gone hand-in-hand with the renegotiations of the USD 44 billion that the country owes the IMF, as both lenders have worked in concert to reach the agreements.
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