Argentina hopes for US support in economic crisis

Argentine President Alberto Fernández said on Wednesday (local time) during a visit to the White House in Washington that the US government has always supported his country within the framework of the international financial institutions. He would be happy if the United States continued to do this as before.

At the meeting in Washington, Fernández is likely to seek support in ongoing negotiations with the International Monetary Fund (IMF). Argentina owes about $45 billion to the IMF.

In the face of over 100 percent inflation, a severe economic crisis and a lack of foreign exchange, South America’s second-largest economy is experiencing repeated difficulties in repaying its loan. Just over the weekend, Fernández criticized the heavy burden of IMF borrowing and called for a drastic restructuring of the international financial system.

Meeting with his Argentine counterpart, US President Joe Biden praised the longstanding diplomatic ties between the two countries and said he sees great opportunities to expand economic cooperation. The meeting between the two was actually scheduled for July last year, but had to be canceled because Biden had contracted Corona at the time. (sda/dpa)