Argentina and the International Monetary Fund (IMF) announced Saturday that progress has been made in their talks about a new agreement to address the South American country’s debt.

The announcement came after a meeting between Argentine Economy Minister Martin Guzman and IMF Managing Director Kristalina Georgieva on the sidelines of a G20 meeting in Riyadh, Saudi Arabia.

Argentina’s economy ministry said in a statement that Guzman spoke to Georgieva about “the intention to begin an Article IV Consultation,” which includes an annual review of the country’s economy.

Guzman said the measure is “a valuable step that will deepen mutual understanding between the Argentine government and the IMF authorities on the way to have a new program.”

Georgieva said her meeting with Guzman was “fruitful” and expressed her support for Argentine President Alberto Fernandez “to stabilize the economy and to reduce poverty.”

Georgieva added that she “welcomed the Argentine authorities’ commitment to continue to deepen our engagement including through an Article IV Consultation and steps toward a Fund-supported program in the future.”

Argentina and the IMF agreed to a stand-by deal in mid-2018 for the release of around 56.7 billion U.S. dollars, of which the country has received about 44.1 billion dollars in disbursements.

IMF experts recently said Argentina’s debt was unsustainable.

Negotiations will continue on Monday, local media reported. Enditem



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