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Viewing cable 06BUENOSAIRES22, ARGENTINA PAYS OFF ITS IMF DEBT

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Reference ID Created Released Classification Origin
06BUENOSAIRES22 2006-01-04 20:32 2011-08-25 00:00 UNCLASSIFIED Embassy Buenos Aires
VZCZCXYZ0000
RR RUEHWEB

DE RUEHBU #0022 0042032
ZNR UUUUU ZZH
R 042032Z JAN 06
FM AMEMBASSY BUENOS AIRES
TO RUEHC/SECSTATE WASHDC 2990
INFO RUEHAC/AMEMBASSY ASUNCION 5234
RUEHBR/AMEMBASSY BRASILIA 4998
RUEHLP/AMEMBASSY LA PAZ JAN MONTEVIDEO 5184
RUEHSG/AMEMBASSY SANTIAGO 4820
RUCPDOC/USDOC WASHDC
RUEATRS/DEPT OF TREASURY WASHDC
RHMFISS/HQ USSOUTHCOM MIAMI FL
UNCLAS BUENOS AIRES 000022 
 
SIPDIS 
 
SIPDIS 
 
WHA FOR AS TOM SHANNON, PDAS SHAPIRO AND DAS PATRICK DUFFY 
NSC FOR DAN FISK AND SUE CRONIN 
TREASURY FOR DORA DOUGLASS 
USTR FOR LESLIE YANG 
OPIC FOR RUTH ANN NICASTRI 
SOUTHCOM FOR POLAD AND J5 FOR JUAN RENTA 
USDOC FOR 4322/MAC/OLAC/BASTIAN/PEACHER 
 
E.O. 12958: N/A 
TAGS: EFIN ECON PREL EINV AR
SUBJECT: ARGENTINA PAYS OFF ITS IMF DEBT 
 
REF: (05) BUENOS AIRES 3097 
 
1.  President Nestor Kirchner announced on December 15 that 
the GOA would pay its remaining debt totalling nearly USD 10 
billion to the International Monetary Fund shortly after the 
new year (reftel).  Economy Minister Felisa Miceli and 
Central Bank President Martin Redrado announced on January 3 
that the payment had been made.  The transaction used USD 
9.53 billion in Central Bank reserves to pay the remaining 
IMF debt in full.  Miceli said the debt payment would yield 
improvements in the Argentine economy and would allow greater 
economic autonomy.  Redrado said the transaction, which 
reduced Central Bank reserves by a third to USD 18.6 billion, 
"was the most important and complex in the Central Bank's 
70-year history."  (Note: Reftel reported that the debt 
payoff figure would be USD 9.81 billion.  The discrepancy 
results from the difference in the December 15 and January 3 
exchange rates for the IMF's Special Drawing Rights (SDRs). 
The SDR-USD exchange rate on the date of Kirchner's 
announcement was USD 1/SDR 1.444.  The exchange rate for the 
January 3 payment was USD 1/SDR 1.432.  End note.) 
 
2.  Miceli estimated that the payment would save the GOA more 
than USD 840 million in interest payments in the course of 
the coming 4 years.  She also acknowledged that the payment 
had "high political and symbolic value" since it "marks the 
beginning of a new phase in which Argentines will decide on 
the policies to be implemented without excessive 
questioning."  The January 3 payment does not signal a change 
in monetary policy, according to Miceli.  Accumulating dollar 
reserves and maintaining a competitive exchange rate will 
continue to be the strategy "as it has been up to the present 
time," said Miceli. 
 
------- 
Comment 
------- 
 
3.  Many pundits here say that eliminating the GOA's 
remaining debt to the IMF is a victory for President 
Kirchner.  Argentine officials claim the payment frees 
Argentina from the dictates of the IMF, the organization that 
Kirchner has blamed in large part for the economic and 
financial collapse in 2001-2002.  On the economic side, the 
payment is viewed by many as a tangible demonstration of 
Argentina's economic recovery since the end of convertibility 
in January 2002 when the country's IMF debt exceeded USD 14 
billion and reserves had dwindled to USD 8 billion. 
 
4.  At present, there are two competing visions about the way 
ahead for the Argentine economy.  The first holds that, 
although the Kirchner administration did not strictly abide 
by IMF conditions, the absence of the IMF as a nominal check 
on setting economic policy will encourage fiscal laxity. 
This view contends that expenditures will rise and Kirchner 
will abandon his apparent preference for fiscal surpluses. 
The competing view argues that the loss of nearly USD 10 
billion in reserves will force the GOA to be more prudent on 
the fiscal side to improve its credibility with international 
financial markets. 
 
5.  To see more Buenos Aires reporting, visit our classified 
website at: http://www.state.sgov.gov/p/wha/buenosaires.< /a> 
GUTIERREZ