Efforts to reach a deal with the Paris Club were complicated because of the group’s request for Argentina to first reach a deal with the IMF, Guzman said.

The country is seeking to renegotiate $45 billion of debt with the IMF, though Guzman said he’s doubtful a deal would be reached by May even with the progress made. “It’s happening, but it may take time,” he said.

“Argentina is today in a situation in which we must have negotiations that allow us to postpone those maturities or refinance them and thus be able to give course to the continuity of the economic recovery,” he told the newspaper. “There is a question of timing.”