Argentina’s Guzman pushes economic ‘roadmap’ to investors in New York
NEW YORK, Oct 14 (Reuters) – Argentine Economy Minister Martin Guzman met with private investors in New York on Friday, and according to sources inside the meeting focused his attention on laying out a “roadmap” for the embattled country’s economic outlook.
The meeting, which also touched on Argentine politics, was attended by Argentine Cabinet Chief Juan Manzur and came after a crunch meeting with the International Monetary Fund (IMF) to discuss a new deal to revamp some $45 billion in payments.
Friday’s meeting focused on Argentina’s economic outlook, including the most recent negotiations with the IMF, and an update on the political landscape. The country defaulted to private creditors last year before a major debt restructuring.
Guzman gave what one attendee called a “roadmap” for making Argentina’s economic growth stable and combat volatility. Investors, stung by inflation, debt and currency crises in the country in recent years, have long complained of a lack of a clear economic plan.
The meeting came days after Guzman met with IMF head Kristalina Georgieva, and the two agreed to continue working on developing a credible loan program.
Argentina and the IMF have for months been negotiating a program to replace one struck in 2018 that failed and left the South American country as the largest Fund borrower with a debt close to $45 billion. Argentina pledged to have a new deal in place by the end of March at the latest.
Last year Argentina restructured some $65 billion in debt with private international creditors, but the restructured bonds are trading at distressed levels as investors worry about the soy exporter’s economic outlook.
Argentine dollar bond prices were little changed on Friday, trading between 32 and 39 cents on the dollar across the curve.
Argentina’s peso currency has devalued some 15% this year amid strict capital controls that hold the official rate in check, though these controls have created a wide gap with prices in popular alternative exchange markets.
The South American country is also struggling with high inflation running above 52% annually.
Reporting by Rodrigo Campos; Editing by Adam Jourdan, Steve Orlofsky and Sandra Maler
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