Argentina government seeking $20 billion IMF loan
March 28 2025 09:37:48
BUENOS AIRES
In addition to the $20 billion IMF request, Luis Caputo said Argentina, the IMF's biggest debtor by far, was negotiating an additional package with other organizations such as the World Bank and Inter-American Development Bank (IDB).
President Javier Milei's government announced the preliminary figure amid a run on the peso, prompted by fears of a possible devaluation, that drained reserves by more than $1.2 billion last week.
The proposal must be approved by the board of the IMF, whose spokeswoman Julie Kozack said on March 27 that discussions with Argentina, including for a "sizable financing package," were "very advanced."
She did not provide a figure for the size of the package.
Argentina has been a serial defaulter in recent decades, and the IMF has bailed out South America's second-biggest economy 22 times in the past.
Self-described "anarcho-capitalist" Milei came to office in December pledging to cut spending, tame inflation and fix a steep fiscal deficit. In the last six months, the peso has fallen about ten percent to the US dollar.
More:
https://www.hurriyetdailynews.com/argentina-government-seeking-20-billion-imf-loan-207421
Argentina's fascist President Javier Milei and his good friends in Washington.