Editors’ Note: This week we’re running a mini-series on Argentina’s current financial crisis. In a recent interview, when asked what his economic program would be if reelected, Macri said he would continue with the same policies but at a faster rate. NACLA relies on our supporters to continue our important work. All of this implies that IMF lenders see exchange rate stability as key to lowering inflation in Argentina. It’s looking more like a case of déjà vu. Last month, President Mauricio Macri asked the IMF to accelerate its emergency package, which makes credit available to Argentina. While the Fernández team has not spelled out an economic plan in detail, they have spoken of the need to reactivate economic growth, job creation, and consumption, and to control inflation through a “social pact of citizen responsibility.” Should they or a similar candidate win, they will almost certainly have to negotiate a private debt restructuring. Since becoming a member of the IMF in 1956, Argentina has turned to the Fund for SBAs on 18 occasions, other conditioned loan packages in three instances, and non-restrictive funding eight times. Beyond the latest program, the IMF’s history in Argentina is deeply complicated. Please support our work! Speaking at a press conference in New York, Ms Lagarde said: "A great deal of work remains to be done if Argentina is to respond effectively to the current challenging circumstances. By the end of September, the IMF had approved a $6.3 billion extension to the original loan, with new conditions attached and, more importantly, a substantially accelerated disbursement schedule: 90 percent of the loan would be disbursed before December 2019. [BUENOS AIRES] Argentina President Alberto Fernandez said on Sunday he hoped to reach an agreement with the International Monetary Fund to refinance a US$44 billion loan "as soon as possible." As part of its agreement with the IMF, the government has said it will cut back spending, committing to a balanced budget by 2019 - a year earlier than planned. Latin American Perspectives is a theoretical and scholarly journal for discussion and debate on the political economy of capitalism, imperialism, and socialism in the Americas. The IMF plans to boost its 36-month financing package to $57.1bn (£43bn) from $50bn announced previously. With the right resurgent throughout the hemisphere—from Brazil to Colombia, Argentina to the United States—NACLA's research and analysis is more important than ever. After assuming the presidency last December, Fernandez put repayments on hold and renounced outstanding tranches of the bailout, saying Argentina already had enough debt. In the first years under the Kirchners, Argentina’s economy had improved steadily. Alarmed investors have pulled money from the country, leaving the government and companies that hold debt in dollars in turmoil. SOUTH FL. The obvious failure of targeting inflation through a freely-floating exchange rate framework led the IMF to implement a zero-growth target for the monetary base—or no inflation, a very recessionary tool. Facing a peso rout in 2018, Mauricio Macri’s pro-market government received a record bailout from the IMF. Will Argentina end up going over the edge, or turn around and find its way back to growth and development? Ms Lagarde said it was "essential" that Argentina's Congress approve the 2019 budget. This panorama lies in stark contrast to Macri’s campaign promises, which included reducing inflation to a single digit and a “downpour of investments” that would arrive from abroad when investors saw how business-friendly the new government was. 4W, NEW YORK, NY 10012 | TEL: (212) 992-6965. Macri’s election followed 12 years of center-left rule under Peronists Néstor Kirchner (2003–2007) and Cristina Fernández de Kirchner, often known as CFK (2007–2015.) In the foreword to the April 2019 World Economic Outlook report, the IMF noted that macroeconomic instability in Argentina (and Turkey) and numerous other factors, “have all contributed to a significantly weakened global expansion, especially in the second half of 2018.” Since consumption, investment, and economic activity dropped significantly and inflation almost doubled since the agreement was signed, the IMF is implicitly acknowledging that its policy recommendations in Argentina have failed and are contributing to the slowdown in global economic growth.
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