Sunday, October 12, 2014

‘Argentina is not precluded from international credit, it has decided not to take it’

File photo of Economy Minister Axel Kicillof.

Economy Minister Axel Kicillof has assured that the government is not seeking international financing despite current economic problems. “Argentina is not precluded from international credit, but it has decided not to take it,’ he stated.

“The government is not against external financing, the problem are its sources, the conditionalities tied to these loans,” Kicillof said in an interview with local Página/12 newspaper.

The minister said that the country has achieved foreign trade surpluses and that it “has the foreign exchange needed to face debt maturities.”

“Historically, Argentina’s development was subjected to recurrent trade balance crisis,” the official said. “Development processes intensively use foreign currency.”.

Kicillof explained that “the mediocre growth of global economy, trade and of the economies of emerging countries” has affected Argentina since it is not “free from the evolution of Brazil’s, Europe’s and China’s growth rates.”