World, Europe

Argentine, German leaders discuss IMF negotiations

Argentina urges continued support from Germany as it seeks to restructure country’s financial debts

Bala Chambers   | 26.01.2021
Argentine, German leaders discuss IMF negotiations German Chancellor Angela Merkel (L) and Argentinian President Alberto Angel Fernandez (R) ( Abdulhamid Hoşbaş - Anadolu Agency )


Argentine President Alberto Fernandez on Monday spoke with German Chancellor Angela Merkel, calling for support in the debt negotiations with the International Monetary Fund (IMF) and with the Paris Club. 

The leaders' videoconference lasted around 40 minutes, with Fernandez thanking Chancellor Merkel for her "support," as the Latin American nation seeks to restructure debts of around $45 billion. 

"We need them to continue accompanying us in the agreement that we'll eventually achieve," said Fernandez, according to a statement from the Argentine presidency.

Merkel’s team of economic advisers has been closely following the issue with the IMF and the Paris Club, an organization comprised of a different countries, including Germany, with Argentina reportedly owing them $5.4 billion. 

"We have always supported them and we will continue to do so," said Merkel, according to the statement.  

Argentina also owes $2.3 billion to the Paris Club.

During the meeting, Fernandez also called for deepening ties with Germany and Europe in reaching the necessary agreements, adding "we have very deep ties that we have to continue developing". 

Both Fernandez and Merkel also discussed a range of different issues, from the pandemic and the vaccination plan as well as other areas of common interest such as the change of president in the US, environmental issues and agreements from the automotive industry, according to the press release. 

In February 2020, Fernandez held a meeting with the German Chancellor in Berlin during a visit which also included the Vatican, Italy, Spain and France. 

In September 2018, Argentina received the biggest IMF loan in history - $57 billion, due to deep economic crisis.

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