(10 Sep 2003)
APTN
Washington, D.C. - 10 September 2003
1. Wide shot exterior of International Monetary Fund building to closeup of IMF logo
2. Wide shot Thomas Dawson, IMF Director of External Relations, speaking at briefing
3. Cutaway reporters
4. SOUNDBITE (English), Thomas Dawson, Director of External Relations for International Monetary Fund:
"Not making a payment deadline is regrettable and countries are encouraged, certainly, and expected to be current on payments. But we've understood the difficult situation and difficult negotiations going on, and we're hoping that this can be resolved promptly -- but I think the important thing is to get this resolved -- if we possibly can -- collaboratively with the authorities, and that's the basis on which the mission is working."
5. Wide shot Thomas Dawson and reporters.
6. SOUNDBITE (English), Thomas Dawson, Director of External Relations for International Monetary Fund:
"It is quite clear we're not in a final situation at this point, and indeed we've had a history in this institution of a number of countries that have run into difficulty in terms of repayments, and the vast majority of them have, in fact, come out of that situation -- sometimes rather quickly, sometimes after a prolonged period."
Buenos Aires, Argentina - 9 September 2003
7. Various of Buenos Aires streets
8. Various of currency exchange rate boards
STORYLINE:
The International Monetary Fund is expressing optimism that it can reach agreement on a plan to allow Argentina to reschedule its nearly 13 (b) billion US dollar loan payment to the IMF.
That comes one day after Argentina defaulted on a 2.9 (b) billion US dollar IMF loan repayment.
Thomas Dawson, the IMF's Director of External Relations, told reporters in Washington that Argentina's default on the loan payment was regrettable.
However, he said the IMF understands Argentina's difficult financial position, and said he hoped IMF and Argentine negotiators meeting in Buenos Aires can reach a debt restructuring agreement.
Dawson stressed that the situation regarding Argentina's debt is not close to finality, and he reminded reporters that several other countries have managed to recover from similar financial difficulties.
The missed payment is not likely to immediately affect Argentina's economy, but could further damage investor confidence at a time when the country has shown signs of beginning to emerge from a financial crisis that began in 2001.
Argentine officials say they're not willing to tap the country's 13.5 billion dollars in reserves to make the payment without assurances of a new long-term deal. They're seeking a rollover of about 12.5 billion dollars owed to the IMF over the next three years.
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