By Bala Chambers
LONDON (AA) - Argentina announced Tuesday that it reached a deal with the Paris Club to defer debt repayments until September 2024.
The South American nation is continuing to negotiate specific repayment commitments under the new deal with the group of international creditors.
Authorities published details about the $2 billion debt in the Official Gazette.
It said Argentina will defer repayments to the Paris Club until September 2024 or “until there is a new framework agreement” which will replace a previous deal that was signed in May 2014.
Argentina previously restructured debt with private creditors in 2020 and in March 2022 reached an agreement with the International Monetary Fund (IMF), helping to pave the way for talks with the Paris Club.
The government has been pushing to reach a deal before June 30, which was the previous deadline agreed to by Finance Minister Martín Guzman during a meeting in Paris.
Argentina has been seeking to lower the interest rate on the loan and to include $430 million that has already been paid in February 2022 and July 2021 to the Paris Club.
It is continuing to renegotiate terms with creditor countries from 24 agencies and banks in 16 counties, including Germany, Spain, the US and UK, with creditors deciding the new repayment scheme.