Argentina Strikes $20 Billion Deal With IMF To Fuel Milei’s Reforms
Argentina has reached a $20 billion agreement with the International Monetary Fund (IMF) that will help President Javier Milei advance the next phase of his pro-market reforms.
The IMF announced on Tuesday that it had reached a staff-level agreement with Argentina for a new loan under its Extended Fund Facility program. The funding will be disbursed over 48 months.
In its statement, the IMF said the deal “builds on the authorities’ impressive early progress in stabilizing the economy, underpinned by a strong fiscal anchor, that is delivering rapid disinflation and a recovery in activity and social indicators.”
Milei celebrated the news by posting a photo on X of himself hugging Economy Minister Luis Caputo.
Argentina has received more bailouts from the IMF than any other country over the past six decades. This loan could become its 23rd IMF program since the 1950s and would add to the $40 billion that Argentina still owes the Fund.Â
Past IMF-backed programs have largely failed to stabilize the economy. As the Associated Press reported, previous left-leaning administrations “fell far short of IMF targets and relied on central bank money printing to finance
Article from Reason.com
The Reason Magazine website is a go-to destination for libertarians seeking cogent analysis, investigative reporting, and thought-provoking commentary. Championing the principles of individual freedom, limited government, and free markets, the site offers a diverse range of articles, videos, and podcasts that challenge conventional wisdom and advocate for libertarian solutions. Whether you’re interested in politics, culture, or technology, Reason provides a unique lens that prioritizes liberty and rational discourse. It’s an essential resource for those who value critical thinking and nuanced debate in the pursuit of a freer society.
