Transcript of a Press Briefing by Caroline Atkinson, Director, External Relations Department, International Monetary Fund

November 18, 2010 Washington, DC

QUESTIONER: I have a few questions concerning. First of all, if the IMF has any reaction about the fact that the Argentinean government announced that it's going to negotiate with the Paris Club without the assistance of the IMF.

MS. ATKINSON: I understand and we understand that the Paris Club has indicated a willingness to have discussions with Argentina on repayment over a short period of time of their loans. That has been done in some other cases. Restructuring of debt with the Paris Club traditionally involves the IMF and an IMF program, but repayments of debts over a short period of time would be probably a good thing.

QUESTIONER: When you said a short period of time, we are talking about how long?

MS. ATKINSON: That's something for the Paris Club and Argentina to debate. It's not something for us to get involved in.

QUESTIONER: Do you in some way believe that this is a message from the country saying or reaffirming their refusal to allow the Article IV?

MS. ATKINSON: No, I don't think that. We have continuing relations with Argentina. We have a representative who's located in Buenos Aires. We continue to have discussions with the Argentine authorities also in the G-20. I think this is a separate issue where the Argentine authorities have expressed some interest and the Paris Club has expressed a willingness to discuss normalization of their relations with those creditors. So I would see it in that light.

QUESTIONER: Forty days ago at the closing of the Annual Meetings, the final document did a very strong call to all the members to fulfill the obligations concerning Article IV. In the region the only two countries that don't do that are Venezuela and Argentina. In this last 40 days did something happen or did something change between Argentina and the answering of this call or nothing at all?

MS. ATKINSON: No, I have nothing for you on that. As I say, we continue to have discussions with the Argentine authorities and you're right that we haven't had an Article IV consultation with them for quite a while now although we do continue to maintain relations.

QUESTIONER: Sorry, the last one. Yesterday I saw some officials from the Argentinean government here at the IMF. They came from Argentina so I was wondering if maybe there is something new to tell us or some negotiations.

MS. ATKINSON: No. You're right that the Foreign Affairs Minister I believe it was was visiting officials here and this is also something that happens from time to time.

QUESTIONER: I think it's his first time here.

MS. ATKINSON: It may be his first time but it's not the first time that Argentine officials have been here so that this is part of what I characterized as our continuing discussions and continuing relations with Argentina.

QUESTIONER: I don’t have your point clear. I will let you know if I can only assume that the presence here of Mr. Timmerman is in some way a response to the request of the IMF to go ahead with Article IV?

MS. ATKINSON: I don’t think we can make such an assumption because, first of all it’s often dangerous to make assumptions, and secondly I believe that the situation with Argentina and the Article IV has been going on for some time now. There have been different meetings and discussions. So I think we’re, of course, ready, but I wouldn’t make any assumptions from any particular visit or set of discussions.

QUESTIONER: What are they talking about?

MS. ATKINSON: Well as I said, we often have discussions with Argentine officials. We have Resident Representative there. We have people that come here for the annual meeting. So, I would just characterize these discussions as in our normal interchange, and I don’t have anything more for you on that.