'Investment climate has started to change'

File photo of US diplomat Kevin Sullivan.

Chargé d'Affaires at the US Embassy Kevin Sullivan, who is in charge of the embassy on an interim basis, praised Argentina’s agreement with Paris Club, ICSID and YPF-Repsol deal, saying “the situation is changing, in a good way” and pointing out a change in investment climate.

Sullivan said that there is interest about Argentina in the US, in the country’s natural and human ressources. “Investment climate has started to change,” he said interviewed by Perfil. “People from the private sector tell me that they are receiving more and more phone calls. The situation seems to be changing, in a good way.”

“Even though we are going through a difficult time, some things make me optimistic,” he said and mentioned the agreement reached by Argentina in its negotiations with the World Bank's International Centre for Settlement of Investment Disputes (ICSID), the YPF-Repsol deal and the recent Paris Club agreement.

The diplomat recognized the existence of adverse statistics regarding Argentina’s economy but he stressed the importance to focus on the medium term.“In the US we have also known difficult economic cycles in the past years and they are usually temporal. The most important thing is to work towards a greater, more inclusive, long term growth,” Sullivan said.

Asked about Argentina’s dispute with the so called Vulture Funds, the US official said the White House has always stressed the importance of “Argentina solving this issue and normalizing its relations with all creditors”.

“Everybody is expecting the Court’s rule in the US,” Sullivan said. However, the diplomat said a negotiation will probably be needed to solve the dispute, regardless the Court’s rule.

Sullivan also referred to the agreement struck between YPF and Chevron to exploit the Vaca Muerta shale oil and gas deposit, recently visited by United States Deputy Secretary of Energy Daniel Poneman. “There is a huge opportunity to develop [the deposit] in a sustainable transparent manner, so that it benefits all Argentineans,” he said.