Argentina President Javier Milei speaks during a ceremony to commemorate Holocaust and Heroism Day, in Buenos Aires, Argentina, Wednesday, May 8, 2024. – The International Monetary Fund, Argentina's biggest creditor, agreed Monday to release the next tranche of loans due under a, endorsing government austerity measures so severe they even surpass the terms of its $43 billion loan.
To overhaul the beleaguered economy, Milei has slashed public sector wages, eliminated thousands of state jobs, frozen public works projects and and cut subsidies. He has also devalued the nosediving peso currency by over 50%, helping it stabilize but causing the prices of basic goods to skyrocket. The praise marks a dramatic turn-around from the past six decades during which Argentine politicians showed little interest in enacting reforms stipulated as part of borrowing agreements.
The international lender remains deeply unpopular in Argentina, where the public blames it for an economic implosion and debt default in late 2001. The IMF later acknowledged it made mistakes contributing to the collapse.
Source: Loan News Today (loannewstoday.net)
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