President Mauricio Macri has been holding meetings with world leaders and global investors in Davos, Switzerland, where he is attending the 2016 World Economic Forum (WEF).
The president travelled with Finance Minister Alfonso Prat-Gay, Chairman of the Central Bank (BCRA) Federico Sturznegger, Foreign Affairs Minister Susana Malcorra, and opposition legislator Sergio Massa with the goal of bringing new investments to Argentina.
As Argentina has not participated in the WEF in over 12 years, the government is hoping this visit will reinsert Argentina in the global economy. “We want to put Argentina back on the map,” said Prat-Gay.
President Mauricio Macri meets UK Prime Minsiter David Cameron (Photo via Prensa Argentina)
The Davos Forum also served as President Macri’s first official meeting with UK Prime Minister David Cameron. The pair spoke earlier this morning, both leaving with an optimistic outlook for future negotiations. “It was a nice meeting,” President Macri told reporters.
While issues such as the Falklands/Malvinas sovereignty dispute remained a high priority – both leaders maintaining strong opinions on the issue – the prime minister and the President agreed on the need for open dialogue and the initiation of “a new type of relationship” between the countries. This is set to contrast with the often tense relationship between the UK and his predecessor, President Cristina Fernández de Kirchner.
However, on the Falklands/Malvinas issue, the UK government stated that: “the Prime Minister was clear that our position remained the same and that the recent referendum was absolutely clear on the Islanders’ wish to remain British.”
Macri also met with US vice-president Joe Biden, who reportedly offered “his country’s help in the fight against drug trafficking.”
IMF To Return?
While Finance Minister Prat-Gay denied reports of an official meeting with International Monetary Fund Director Christine Lagarde to resume formal ties with the organisation, he has expressed an eagerness to submit to Article IV of the IMF’s Articles of Agreement.
Under the IMF’s Articles of Agreement, an Article IV consultation grants an IMF team access to the internal dealings of a country in order to assess both economic and financial policies, and relations between the government and central banks.
“We want an Article IV [consultation] because we have nothing to hide,” Prat-Gay told Bloomberg, adding that the consultation would encourage foreign investors to think of Argentina as an investor-friendly country.
Argentina has not had an Article IV consultation since 2006, after it paid off in full its debt owed to the organisation. It is currently the only G20 country not subject to regular revision under Article IV.
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