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IMF Press Briefing Argentina/ Sudan

Release Date: 25 Feb 2021

The IMF continues to engage with the Argentine authorities actively and constructively over an IMF-supported program that can help Argentina overcome its important social and economic challenges.  spokesman Gerry Rice told reporters in Washington, DC Thursday (February 25).

“On the status, discussions continue. The objective remains, as we've discussed here before, I think the objective we share with the Argentine authorities is to build a program to address the challenges clearly that Argentina is facing the economic challenges, the challenges of the pandemic to foster stability, growth, protect the most vulnerable is an important dimension and set the basis, the path forward for more inclusive private sector led growth that can be durable over time. As I said, those discussions continue to be very active, constructive as the Argentine authorities work to lay out their economic plan that could be supported by a fund program and build the broad support for the policies that would underpin such a program.” Said Rice

Rice added that the Argentine Minister of Economy, Martín Guzmán, and his team are planning on visiting Washington, DC mid-March. On the other hand, The IMF hasn’t set a date yet for the next formal IMF staff mission to Argentina. 

“We don't have a precise date yet for the next formal IMF staff mission at this stage, but Minister Guzmán and his team have indicated that they would be traveling to Washington in mid-March.” Said Rice.

Following the conclusion of the IMF Staff-Monitored Program review talks with Sudan, Rice confirmed that the IMF applauds Sudan for taking strong policy actions, especially regarding unifying its exchange rate.

“Sudan took a critical step toward what we hope will be debt relief. When it concluded review talks with the IMF on what we call a staff monitored program and, you know, the managing director actually commented on that and applauded Sudan for taking strong policy actions, especially unifying its exchange rate.” Said Rice.

He added that the unification of the exchange rate will provide incentives for financial transactions to take place in the financial sector and will unlock increased donor support.

“The unification increases the value of the support provided to the Sudanese people by exchanging donor funds at the market rate and prior to unification, as you may know, a very large share of these foreign currency transactions were being carried out at the parallel rate. So, while the unification reform could lead to a temporary uptick in inflation. The World Bank and donor supported Sudan Family Support Program, which I mentioned we believe will help to mitigate the impact of this adjustment and facilitate the implementation of the reform.” said Rice.

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