After the international agency Bloomberg inform that the IMF rejected the request of Argentina to reduce the surcharges that the country pays, the Argentine Government deny the information ensuring that “it does not have any support” because the agency has not yet issued on the matter.
“In the note it says that the IMF stated that there are no definitions, “the Government complained, denying the information published by Bloomberg.
While from the IMF They have not been issued in this regard, neither confirming nor denying the information. According to what was reported by Financial sphere, from the financial institution they clarified that they do not comment on alleged leaks.
Cable Bloomberg that generated the controversy argued that the IMF rejected the request Argentina to receive a relief in the interest surcharge that the country pays for the loan of 45,000 million dollars it received.
Argentina, the largest debtor of the IMF, proposed that countries be exempted from paying these surcharges due to the pandemic. But the other member countries of the organization would not have accompanied the request.
The agency charges a rate of 200 basis points, or 2 percentage points, on outstanding loans that exceed 187.5% of a country’s quota, which increases to 300 basis points if a loan continues to exceed that percentage after three years.
The IMF has defended surcharges applied to lines of credit in the past, and his spokesman Gerry Rice said earlier this year that they help strengthen the balance of the IMF. The last review of this tool by the agency took place in 2016.
In addition to Argentina, other groups that have advocated modifying the current surcharge system are the G-24 countries, a group of developing countries that includes Mexico and India.