The International Monetary Fund and Argentina agree that a medium-term loan deal is the best way to underpin reforms needed to foster sustainable growth in Latin America's third-largest economy, a top IMF official said on Thursday.
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Anoop Singh, director the IMF's Western Hemisphere Department, said Argentina's current short-term loan program has done its job by providing the country some measure of economic stability following its worst ever economic crisis and debt default 18 months ago.
But Singh said the next phase needs to be a medium-term program addressing core issues such as the fiscal framework and reform of the banking system, areas in which the IMF and the government concur.
"I feel there is no difference in view between us and the authorities that this kind of reform is needed," he told a gathering of Wall Street analysts at the Americas Society. "There is no difference in view that this is best done within a multi-year program."
Argentina currently has a stop-gap deal with the IMF to roll over $6.78 billion in debt due through August, meaning the onus is on new President Nestor Kirchner to come up with a new deal fast.
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