Buenos Aires (AFP)

The Argentine Minister of Economy, Martin Guzman, and the American Secretary of the Treasury, Steven Mnuchin, had Sunday a first interview qualified as "productive" by the American official, at the time when the South American country seek to renegotiate its debt with its creditors.

"First productive discussion with Argentine Minister of Economy Martin Guzman (...) we discussed the economic policies that his government is considering", commented Mnuchin on Twitter, on the sidelines of a meeting of finance ministers G20 country in Riyadh in which the two men participated.

Guzman thanked the American secretary, also on Twitter. "It is also encouraging to find convergences" of view, he added.

US President Donald Trump had supported early Argentinian President Alberto Fernandez in early February.

"Tell the (Argentine) president that he can be quiet, that he can count on this president," he said to Argentinian ambassador Jorge Argüello, whom he had received at the White House.

Washington's support is important for Argentina, since the United States exercises decisive influence within the framework of the International Monetary Fund (IMF).

Of its 311 billion debt, Buenos Aires wants to renegotiate 121.9 billion (35% of GDP) with private bond holders and 72.6 billion (21.4% of GDP) with multilateral and bilateral organizations, including IMF. The latter, to whom Buenos Aires must repay $ 44 billion, admitted last week that the Argentine debt was unsustainable, calling on the creditors of this South American country to alleviate it.

Guzman is scheduled to travel to Washington and New York to continue negotiations. On Monday, he will meet with IMF officials in Washington before going to New York the next day.

On Saturday in Riyadh, Mr. Guzman and the Managing Director of the IMF, Kristalina Georgieva, agreed that the IMF will conduct a review of the public accounts of Argentina, in accordance with the procedure known as of article 4, in order to set up a new aid program to replace the previous one.

Former Argentine President Mauricio Macri had contracted a $ 57 billion loan with the fund, of which $ 44 billion has already been disbursed. His successor, Fernandez, said he would forgo the payment of the remaining $ 14 billion.

Argentina is facing the worst economic crisis since 2001. The economy has been in recession for almost two years, inflation has exceeded 53% and the poverty rate has reached almost 40%.

In 2001, Argentina had experienced the biggest default in history and a serious economic and social crisis that had traumatized Argentines and the financial markets.

© 2020 AFP