MercoPress. South Atlantic News Agency

Milei holds “very good” meeting with Georgieva

Milei and Georgieva met for 25 minutes

Argentine President Javier Milei said his 25-minute meeting Wednesday with International Monetary Fund (IMF) Managing Director Kristalina Georgieva at the World Economic Forum was “very good” after a verbal agreement was reached last week between the credit agency and the South American country. It was the first time that Milei and Georgieva saw each other face to face.

Also participating in the gathering were IMF Deputy Managing Director Gita Gopinath and Argentina's Presidential Secretary Karina Milei, Cabinet Chief Nicolás Posse, Argentine Ambassador to the United States Gerardo Werthein, and Economy Minister Luis Toto Caputo.

“I am going to fulfill what I promised,” said Milei regarding the adjustment of public spending and the lowering of inflation.

“Very good meeting with Argentina's President Javier Milei @JMilei. We talked about Argentina's deep economic & social challenges and decisive steps underway to bring down inflation, promote private sector led growth, and use scarce public money to help the most vulnerable people,” Georgieva wrote on X.

She also praised Milei for his speedy decisions together with Caputo during the negotiations to reach the Staff Level Agreement (SLA.). “You were quick. That was important,” Georgieva said.

Milei and Georgieva shocked attendants at the Davos event with their rock-star-like mutual treatment, selfies included. Gopinath also participated in the photo session.

Politenesses aside, the Argentine government needs a quick disbursement from the IMF for which Gopinath, Posse, and Caputo met Tuesday in Davos to go over the technicalities discussed earlier this month with the IMF mission in Buenos Aires.

Argentine officials ratified the ambitious goals set for the end of the year, which include a primary surplus of 2% of GDP and net reserves of US$ 10 billion by December 2024.

Argentina and the IMF reached an agreement on the seventh review under the Extended Facilities Program which will allow the South American country to receive US$ 4.7 billion. The SLA must be approved in the coming weeks by the IMF's Executive Board.

Before meeting with Georgieva, Milei held a brief encounter with Argentine-born Máxima Zorreguieta, Queen Consort of The Netherlands to discuss issues of bilateral interest.

In another appearance at the WEF, Georgieva addressed the issue of climate change and insisted it was necessary to take resources from where they caused harm and place them where they could be of use. In other words, countries need around US$ 7 trillion to combat climate change which could be diverted from subsidies to fossil fuels.

“So what I want to say is that we are going to bring resources, taking them from where they harm to put them where they help,” Georgieva said.