IMF Looks to “Next Steps”

The International Monetary Fund and Argentina are discussing the “next steps” in efforts to reach a new loan accord, said an IMF spokesperson. Argentina, which owes the Fund about $11.7 billion, asked in June to resume talks for a new loan accord. The IMF last year suspended a $13.3 billion loan agreement signed in September 2003 as it waited for Argentina to complete the restructuring of about $104 billion of debt it defaulted on in late 2001.