Report on “Debt Restructuring in Developing Countries: The Case of Argentina 2001-2016”

The Institute of Strategic Islamabad (ISSI) organised a Public Talk on “Debt Restructuring in Developing Countries: The Case of Argentina 2001-2016” under its Ambassadors Platform series on March 7, 2016. The distinguished speaker on the occasion was, H.E. Mr. Ivan Ivanissvich, Ambassador of Argentine Republic to Pakistan.

In his welcoming remarks, the Chairman BoG, ISSI, Ambassador Khalid Mahmood said that it was his distinct pleasure to welcome H.E. Mr. Ivan Ivanissvich to the Ambassadors Platform. The Chairman said that Ambassador Ivanissvich is not new in Pakistan and has held various positions in the Argentine Embassy in Pakistan before becoming Ambassador. He also added that the bilateral relations between the two countries are hindered by the long distance between them. But Argentina has always supported Pakistan at the international forum, especially during the 1971 crisis. Pakistan and Argentina have also been exchanging young diplomats for training in each other’s country. Talking on the subject at hand, the Chairman said that it is different from other subjects discussed at the Ambassador Platform as it is focussed on economic issues. All countries accrue debt and some countries accumulate unmanageable debts with compound interests and sometimes the poor countries find it hard to pay it back. From 1973-83, developing countries debt increased at a rate of 30 per cent. The Sustainable Development Goals (SDGs), adopted recently by the UN also deal with this subject. There is a joint IMF and World Bank forum to deal with poor countries debt. He said that the Pakistani government is confident of dealing with its debt that the country has accrued over the years. He further added that it took 15 years for Argentina to negotiate with the lenders since 2001, which was a very painful experience for them.

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