Argentina’s economy will grow by 10% in 2021, says Minister Guzman

Argentine President Alberto Fernandez (L) and Economy Minister Martin Guzman, on August 31, 2020 at Casa Rosada in Buenos Aires afp_tickers

This content was published on Dec 13, 2021 – 22:14

(AFP)

Argentina’s economy will grow by 10% this year, Argentine Economy Minister Martin Guzman told Congress on Monday, at a time when the government is negotiating a refinancing of IMF payments.

“Macroeconomic stability is not possible without a recovery in activity,” Guzman stated, which is part of an agreement to adjust the amortization program of more than $44,000 million the International Monetary Fund disbursed in 2018.

“Argentina is going through a strong economic recovery today that, in a solid way, will allow GDP to grow by 10%” in 2021, he said.

GDP declined by 9.9% in 2020 under the impact of the COVID-19 pandemic.

Guzmán said the terms of the agreement under discussion with the IMF are still strictly maintained.

On Friday, President Alberto Fernandez indicated, in action in front of tens of thousands of supporters, that “Argentina’s amendment is history”, which is why – he argued – he will not agree to negotiate a fiscal austerity plan that affects “Argentina’s future.”

Argentina must face commitments of about 40 thousand million dollars between 2022 and 2023, committed in the credit that the country contracted during the previous government, to former President Mauricio Macri.

Guzmán on Monday defended before Parliament a draft budget for 2022 that envisages a 4% increase in GDP and 33% inflation, at a time when the cumulative cost of living increase through October was 41.8%.

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