Economy Minister Sergio Massa will embark today on a four-day trip to the United States, participating in the International Monetary Fund (IMF) and World Bank’s spring meetings, to drum up support among key international financial organizations. ​​

The aim of the trip is to develop a “bridge” out of Argentina’s macroeconomic crisis, which this year is exacerbated by a drought that is devastating harvests of soy and other critical export commodities and worsening an acute international reserve shortage.

Massa’s tour comes two weeks after President Alberto Fernández asked his U.S. counterpart Joe Biden for his support to revise Argentina’s deal with the IMF. When they met, Biden promised to help “build a bridge” to allow Argentina to recover from drought and the economic impact of the Ukraine war. 

According to an official source, Massa’s team plans to emphasize how this year’s drought has affected Argentina’s economic growth prospects. It estimates that Argentina’s reserves will be down by around US$10 billion compared with forecasts, and hopes the US will support its push for this to be considered in credit organizations’ compliance goals.

Upon leaving Buenos Aires, Massa will make a stop in the Dominican Republic to hold a private meeting with U.S. Vice-Secretary of State Wendy Sherman, Economy Ministry sources told the Herald. Massa will then fly to Washington DC and Sherman will continue to Argentina.

Sherman requested the meeting after US President Joe Biden designated her to follow up on his March 29 meeting with Argentine President Alberto Fernández, the source said. Argentine ambassador to the US, Jorge Argüello, and U.S. ambassador to Argentina, Marc Stanley, supported it. 

Massa and Sherman plan to discuss topics that arose during the bilateral meeting, including credit options, Argentina’s IMF debt, the World Bank, the Inter-American Development Bank, foreign trade, exports, energy, minerals and lithium, among others. 

The Economy Minister will be accompanied by Gustavo Martínez Pandiani, the Argentine Foreign Ministry’s Undersecretary for Latin America and the Caribbean, while Sherman will be accompanied by Ricardo Zuñiga, Undersecretary for Western Hemisphere Affairs for the U.S. State Department.

After their meeting, Sherman will travel to Buenos Aires to attend an event marking 40 years of democracy. She will also meet with Foreign Minister Santiago Cafiero, Energy Secretary Flavia Royón and Mining Secretary Fernanda Vila. Massa will continue to Washington DC. 

With a packed agenda, the Economy Minister will take part in the International Monetary Fund (IMF) and World Bank’s spring meetings, which gather central bankers, ministers, congress representatives, civil society organizations and private sector executives in events including seminars, regional briefings, and other events focused on the global economy and the world’s financial system. 

His DC agenda will include a reunion with the International Monetary and Financial Commitee (IMFC), a work breakfast with economic representatives for South America and Mexico organized by the Western Department of the IMF, a gathering of Finance Ministers for Climate Action, a seminar of macro financial implications of crypto assets, and a meeting organized by IMF Director Kristalina Georgieva with economy ministers and central bank directors from Latin America, the US, and Canada. 

Massa will also hold work meetings with representatives of the IMF, the Organization for Economic Cooperation and Development (OECD), and government representatives from the United States and Colombia.