Argentina blamed IMF for country’s economic problems
2023.05.25 19:47
Argentina blamed IMF for country’s economic problems
By Kristina Sobol
Budrigannews.com – On Thursday, Argentine Vice President Cristina Fernandez de Kirchner slammed the International Monetary Fund (IMF), claiming that the program that the country agreed to with the multinational lender is stalling the economy.
At a Revolution Day celebration in the historic Plaza de Mayo in Buenos Aires, Fernandez de Kirchner stated that the debt cannot be paid off.
In advance of the elections in October, the government’s ruling coalition is attempting to bolster IMF support and advance payments.
“On the off chance that we are don’t saved this program … to foster our own arrangement for development and industrialization, it will be difficult to pay for,” the VP expressed, remaining close by Economy Clergyman Sergio Massa, who is attempting to keep the $44 billion program on target.
She said the first arrangement was “political” and that the IMF program doesn’t permit the country to circulate riches.
“The dead do not pay their debts,” Kirchner told the thousands of people who had gathered despite heavy rain, quoting her late husband and former president Nestor Kirchner.
In 2005, when Nestor Kirchner was president, he said that Argentina would pay off its $9.8 billion debt to the IMF by the end of the year and avoid a full-blown default. He, like his wife, repeatedly laid the blame for poverty and “destitution” on the fund.
The South American grains maker has a laden history with the IMF. The nation consented to a $57 billion program with the Washington-based body in 2018 under previous moderate pioneer Mauricio Macri to fight off monetary emergency. That didn’t work out, so a deal to refinance the $44 billion in unpaid debt took its place last year.
Last week, Fernandez de Kirchner, 70, a veteran of the ruling Peronist party’s left wing who served two terms as president from 2007 to 2015, referred to the initial agreement as “scandalous” and a “scam.”
Her discourse comes as Massa and his group are haggling with the IMF to present the dispensing of advances consented to in 2022. A memorable dry season has hit grain trades, Argentina’s top wellspring of dollars, driving the two sides into converses with possibly redo the arrangement.
The public authority needs quicker payouts and simpler monetary focuses as it attempts to revamp holds expected to take care of exchange expenses and future obligation reimbursements.
On May 29, Massa is scheduled to go to China to possibly broaden Argentina’s currency swap line with Beijing.
In the election on Oct. 22, voter dissatisfaction with soaring inflation, stagnant wages, and years of economic turmoil erode public support for the ruling coalition. As a result, the conservative opposition faces an uphill battle against the ruling coalition.
Both Kirchner and the current president, Alberto Fernandez, have insisted that they will not run again.
