Exclusive: the message of the director of the IMF for the Argentines

Kristalina Georgieva’s message to Argentines

The managing director of the IMF, Kristalina Georgievsent a message to Argentines before meeting with President Alberto Fernández in New York, United States.

“What would you say to the Argentines?” asked the journalist from Infobae Ronen Suarc when Georgieva had already entered the Argentine consulate, where the meeting takes place. And the leader of the multilateral credit organization replied: “It is a difficult moment everywhere, it is a difficult moment in Argentina, but taking the correct steps on the political measures front will calm the waters.”

“We want to see inflation go down and we want to see income rise for everyone in Argentina,” he added.

Seconds before, on the street, when all the journalists covering the meeting approached her, the managing director assured that she was very enthusiastic about the agreement reached between the IMF and Argentina.

This morning, before the face-to-face meeting with the head of state, the IMF staff approved the second review of the program and thus enabled a new disbursement of USD 3.9 billion, which must be used to pay off the debt contracted by the government of Mauricio Macri .

Despite the expressions of good wishes, the conclave between Fernández and Georgieva was not easy for the Argentine president. The managing director of the International Monetary Fund (IMF) expressed her concern about Argentina’s economic outlook and will ask the President for her political commitment to execute all the necessary measures to avoid non-compliance with the goals set for 2023.

Once the meeting was over, Georgieva declared: “We had an excellent meeting with President Fernández. We discussed the considerable progress we have made with our teams in reaching agreement at the technical level on the second review. I also expressed my appreciation for the very serious way in which Minister Massa and his team are addressing the significant challenges in Argentina”.

The approval of the goals for the second semester does not guarantee that the entire program agreed with the IMF can be met. Georgieva is concerned about the inflation rate and the shortage of public reserves, and plans to consult Alberto Fernández about his medium-term economic forecast.

The head of state considers that the national economy is growing and that Argentina will meet the agreed goals in January 2022. It is based on conjunctural numbers that inflation and the absence of dollars chew every month. This perspective of Alberto Fernández causes concern in the most influential offices of the Fund.

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