President Alberto Fernández pointed out that former president Mauricio Macri took “the largest debt in history” three years ago with the International Monetary Fund (IMF) and “behind the backs of generations of Argentines and Argentines”, referring to the US $ 44,000 million loan , refinanced through an Extended Facilities Agreement, approved by the agency’s Executive Board.
It is an understanding for 30 months that allowed the immediate disbursement by the IMF of US$ 9,656 million, according to what was communicated by the IMF leadership.
“In 2018, the government of Mauricio Macri and his allies from Together for Change took the largest debt in history with the #IMF and loaded it on the backs of generations of Argentines and Argentines. They did so after being indebted to private creditors for a sum that exceeded 100 billion dollars,” Fernández said in a series of messages broadcast through and on his official account on the social network Twitter.
In 2018, the government of Mauricio Macri and his allies from Together for Change took on the largest debt in history with the #IMF and carried it on the backs of generations of Argentine men and women. pic.twitter.com/wq4m7dAOJY
– Alberto Fernández (@alferdez) March 26, 2022
Fernández accompanied these messages with the posting of a video in which images of the former president are displayed; media headlines that show the deterioration of the economy during the management of Cambiemos and concepts that show the composition and characteristics of that credit.
In this sense, the head of state affirmed that Macri borrowed “with the excuse of lifting that liability, he took the debt with the IMF, but in reality most of that new debt ended up being derived from capital flight.”
“With the dollars received, there were no reserves left, no hospitals, schools, bridges or roads were built. Everything disappeared in the hands of speculators and with the passivity of the government at the time. Upon assuming the Presidency of the Nation, both debts threatened the Argentine economy. We restructured the debt with private creditors. Today we agree to refinance the debt with the IMF. We do not take on any of those debts,” the President stressed.
In a global context of uncertainty derived from the pandemic and armed conflicts, we reached this agreement that allows us to visualize a horizon of growth. The international community has accompanied us.
– Alberto Fernández (@alferdez) March 26, 2022
Fernández affirmed that paying the IMF “without an agreement was impossible,” and explained that “this year alone we had to face payments of 19,000 million dollars.”
“Not paying led us to a default that would inevitably paralyze the growth of the Argentine economy. After two years of negotiations, we reached an agreement with the IMF that, after being approved in the National Congress, was approved today by the board of that body” , he pointed.
The president added: “The commitments that we assume with the Argentine people guarantee us to continue growing, increasing investment in public works, creating formal employment, promoting social, educational, and science and technology investment.”
“This agreement (with the IMF) does not take away rights. It does not promote labor or pension reforms. Nor does it provide for structural reforms in the State. In a global context of uncertainty derived from the pandemic and armed conflicts, we reached this agreement that allows us to visualize a horizon of growth. The international community has accompanied us,” he remarked.
The president pointed out: “We achieved this agreement, for the first time in history, with the approval of Congress and with the support of workers, businessmen, social organizations and governors of our country.”
