Argentine needs ‘substantial’ debt relief; no scope for bond servicing in medium term: IMF

BUENOS AIRES (Reuters) – Argentina will need substantial relief from private creditors in its debt restructuring and there is “virtually no scope” for FX service payments to private creditors over the near-to-medium term, the IMF said on Friday.

The International Monetary Fund said in a staff report that it envisaged Argentina with a primary fiscal surplus of 0.8% of GDP by 2023, rising to about 1.3% over the longer-term.

However, it said that a key near-term risk related to stronger negative impact of the current global coronavirus pandemic, which could hit Argentina more than currently assumed.

IMF head Kristalina Georgieva said in a statement that Argentina would need “substantial debt relief” from private creditors to restore debt sustainability.

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