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Milei and IMF envoy discuss additional help for Argentina

Friday, February 23rd 2024 - 10:19 UTC
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Milei said after his gathering with Gopinath that a new agreement with the IMF was to be expected Milei said after his gathering with Gopinath that a new agreement with the IMF was to be expected

President Javier Milei and International Monetary Fund (IMF) Deputy Managing Director Gita Gopinath Thursday discussed Argentina's course of action under the Libertarian's leadership during a meeting at Casa Rosada, it was reported from Buenos Aires. Gopinath said she had an “excellent and substantive meeting with President Milei on the best way to move the country forward.” Also Thursday, she got together with Cabinet Chief Nicolás Posse and Interior Minister Guillermo Francos.

“Together with Nicolás Posse, we held a meeting with Gita Gopinath, IMF Deputy Managing Director, with whom we talked about the positive progress of the economic program and the intense work we have been carrying out together with President Javier Milei for the development of our country,” Francos said.

Gopinath then met General Labor Confederation (CGT) leader Gerardo Martínez. “It is necessary for this Government to understand that there is a structural reality that has existed for several years” and that to solve it “we continue to maintain that there must be consensus, agreement, and dialogue,” Martínez insisted.

Meanwhile, Milei said after his gathering with Gopinath that a new agreement with the IMF was to be expected. It would represent further disbursements for the country, he explained.

Earlier in her Buenos Aires mission, Gopinath met with Economy Minister Luis Toto Caputo, after which she wrote on social media that it was “a productive discussion with the Minister” and his team about “the ongoing efforts to restore macroeconomic stability, protect the vulnerable and strengthen Argentina's growth prospects.”

In line with what Milei would eventually herald, Caputo said that “we talked with them about the possibility of a new agreement, to see if there is something better we can do for the Argentines.” Caputo highlighted that the IMF was satisfied with the economic course of action taken under Milei which included a devaluation of the Argentine peso by more than 50% and other deregulation measures as well as cuts in public spending to reduce the fiscal deficit, thousands of layoffs in the public administration and the reduction of subsidies to public transport and energy.

“It is more than they would have imagined, they would have asked for,” Caputo pointed out. “The results are strongly attracting their attention.”

Gopinath, 52, is an Indian-American economist who serves as the right-hand person to IMF Director Kristalina Georgieva. It was Gopinath's first trip to Argentina since taking office in 2022. She has since been following the Argentine case closely. 

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  • Chicureo

    This highly positive article is very optimistic and I hope Milei does indeed have success in turning the Argentine economy around.

    “Caputo highlighted that the IMF was satisfied with the economic course of action taken under Milei which included a devaluation of the Argentine peso by more than 50% and other deregulation measures as well as cuts in public spending to reduce the fiscal deficit...”

    Meanwhile the current financial markets already have reacting excellently.

    https://www.reuters.com/world/americas/argentina-markets-double-down-milei-investors-start-believe-2024-02-23/

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    Feb 24th, 2024 - 01:06 pm 0
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