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Go into the IMF

At that time

At that time, Argentine authorities looked to the IMF in desperation. It wasn’t the very first time: Argentina looked to the IMF in 2000 whenever, after 3 years of recession, it had been struggling to program its massive debt. The IMF conditioned its loans on financial investing cuts, accelerating Argentina’s downturn that is economic making the huge December 2001 crisis that then followed inescapable.

Very little changed in the IMF into the 18 years since Argentina’s experience that is last. In mid-June 2018, Argentina had finalized a three-year stand-by contract for $50 billion, the biggest loan within the IMF’s history. The conditions attached to the loan were vintage IMF: fiscal austerity with a zero fiscal deficit target excluding debt service payments; a renewed commitment to an inflation-targeting monetary policy; a floating exchange rate regime; and ending central bank financing of the treasury, among others with a seriously flawed diagnostic of Argentina’s problems as a point of departure.

Nevertheless, by mid-August 2018, after another run using the peso ingested the majority of the IMF’s very first disbursement of $15 billion, Argentina’s authorities yet again considered the IMF to request a more substantial loan. Because of the end of September, the IMF had authorized a $6.3 billion expansion towards the initial loan, with brand new conditions connected and, more to the point, a considerably accelerated disbursement routine: 90 per cent for the loan could be disbursed before December 2019. Read more ›

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