📉 Another IMF program bites the dust

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IMF report slams another failed Argentina program

Like an eternally feuding couple in an on-again, off-again relationship, Argentina and the International Monetary Fund (IMF) have fought many times, only to try to reconcile shortly after. 

Driving the news. In its latest report, the fund takes a critical look at its last deal with the country, a 2022 reprogramming of USD 35 billion in debt that did not go as planned — par for the course in its decades-long partnership with Argentina. 

👉 Why it matters. From left to right, many in Argentina blamed the IMF for the country’s 2001 financial crisis. Still, both sides came together in 2018 when center-right President Mauricio Macri was granted the largest loan in the fund’s history (USD 44 billion) amid another debt and currency crisis. 

• Argentina’s current economy minister, Luis Caputo, who was then working as Macri’s central banker, auctioned part of those loans in a failed attempt to stop a run against the Argentine peso, and the country has struggled to repay the debt since.

🌎 LatAm Report