Argentina's next president speaks with IMF chief about economic crisis

Argentina’s next president speaks with IMF chief about economic crisis



Argentina’s president-elect Javier Millei and International Monetary Fund (IMF) chief Kristalina Georgieva met for the first time via video call on Friday to discuss the country’s economic crisis.

Argentina has had a $44 billion loan program with the IMF since former President Mauricio Macri’s government requested financial support in 2018.

The outgoing government of Alberto Fernández has renegotiated the loan, but the economic recession caused by the coronavirus pandemic and this year’s severe drought make it difficult for Argentina to reach the goals agreed to with the IMF. It became.

“Today I had a great conversation with IMF Director @KGeorgieva, in which we discussed the great economic challenges facing our country,” Milay said on X (formerly Twitter) .

“I talked to her about the fiscal adjustment plan and the various aspects of the financial program. The Fund helped us find the structural solutions Argentina needs.”

During her campaign, Milay, a libertarian outsider, promised to slash public spending as part of a program that included abolishing the central bank and dollarizing Argentina’s economy.

He has since toned down some of his remarks, leaving uncertainty about his actual plans.

Ms. Georgieva wrote in X that she had discussed with Mr. Millei “the critical challenges for Argentina’s economy and the decisive policy measures that are needed.”

“The IMF is committed to supporting efforts to permanently contain inflation, improve public finances, and increase private sector-led growth,” he said.

Argentina’s annual inflation rate is over 140 percent, and 40 percent of the population lives in poverty.

Source: guardian.ng

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