On 26 Aug. 2020, Argentina formally opened consultations with the IMF to agree new terms on the repayment of a USD 57-billion bailout agreed in 2018. Pres. Fernández spoke with IMF chief Kristalina Georgieva "to begin negotiations aimed at reaching a new understanding with the Fund," according to the official statement. Meanwhile, Economy Minister Martín Guzmán and Central Bank Chief Miguel Pesce formally sent a letter to the IMF, inviting an IMF mission team to visit the country soon to begin talks and carry out "an accurate assessment of the challenges" facing Argentina. Repayments to the IMF are due to begin in September 2021.