Sunday, 04 June 2023 10:43 GMT

Argentina's President Asks for US Support in Renegotiating IMF Debt Agreement

(MENAFN) On Wednesday, Argentina's President Alberto Fernandez met with US President Joe Biden at the White House to discuss the economic crisis facing Buenos Aires. Fernandez requested Washington's backing in renegotiating the terms of Argentina's $44 billion debt agreement with the International Monetary Fund (IMF). The country is currently grappling with the worst drought on record since 1929, which has complicated their economy. During the meeting, Fernandez expressed his hope for continued support from the US government.

Regarding global economic issues, Fernandez also highlighted the damage caused by the war in Ukraine. He noted the serious problem created by the Russian invasion of Ukraine and the impact it has had on the world economy. Fernandez's condemnation of Russian aggression was appreciated by Biden, who expressed his gratitude during the meeting.

Biden also emphasized the potential for increased economic cooperation between the US and Argentina. He identified clean energy, critical minerals, technology, and security as areas of opportunity for economic integration. The two leaders discussed opportunities for strengthening democratic institutions and good governance practices in the region as a means of promoting mutual prosperity.

In a statement released after the meeting, the White House confirmed the commitment of both leaders to work together to achieve these goals. While the economic challenges facing Argentina are significant, the country's leaders are working to address them through partnerships with global institutions and other countries. The meeting between Fernandez and Biden highlights the importance of international cooperation in addressing economic and political challenges.


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