Argentina president, protesters slam IMF debt, austerity

[Judi Lynn]

19-05- 2023 08:05 AM



Aerial view of downtown Buenos Aires, with Puerto Madero and the Rio de la Plata in the background, taken on Thursday, May 18, 2023. Argentina faces nearly 109% inflation and dwindling dollar reserves. – AFPpic

BUENOS AIRES: Argentine President Alberto Fernandez and protesters in Buenos Aires pushed back against the International Monetary Fund (IMF) on Thursday (May 18) amid heightened tensions with the lender as the country faces nearly 109% inflation and dwindling dollar reserves.

The South American grains producer, which has a strained history with the IMF, agreed to a US$57 billion (RM258.5 billion) programme with the Washington-based body in 2018 under former conservative leader Mauricio Macri to stave of economic crisis. That failed and was replaced by a new US$44 billion deal last year.

But tensions have risen as a severe drought has battered grains exports, Argentina’s top source of dollars, forcing both sides back to the negotiating table to revamp the deal. Buenos Aires wants faster payouts and easier economic targets.

“More than a debt, it’s a crime,” Fernandez wrote in a tweet on Thursday, citing a new government auditor report that concluded the original deal had lacked the required impact study and not passed through proper legislative channels.

More:
https://www.thesundaily.my/business/argentina-president-protesters-slam-imf-debt-austerity-OB10993739