The economic situation in Argentina has worsened over the past six months, and now the IMF considers the country’s debt to be “unbearable”, said in a statement following talks with the government. Therefore, a large-scale restructuring is necessary and private lenders should provide significant assistance in this, the fund believes.
Over the past 60 years, Argentina has received financial assistance from the IMF about 30 times. Often, funds were allocated under tight budgetary constraints, which Argentina violated just as often. Many Argentines consider the IMF to blame for their country’s ills. Mauricio Macri, trying to fix the difficult economic and budgetary situation inherited from previous presidents Nestor and Christina Kirchner, could not cope, gained debts and lost the election in October 2019.