MercoPress. South Atlantic News Agency

Milei meets with IMF Manager in Rio

Milei hopes his ties with Donald Trump will lead Georgieva's agency to authorize a US$ 10 billion disbursement

Argentine President Javier Milei met Tuesday in Rio de Janeiro on the sidelines of the G20 Summit with International Monetary Fund (IMF) Managing Director Kristalina Georgieva to negotiate a new disbursement from the credit agency to boost the South American country's coffers. Also participating in the meeting were Ministers Gerardo Werthein (Foreign Affairs) and Luis Toto Caputo (Economy), among other officials

Milei and Caputo would reportedly like a disbursement of at least US$ 10 billion to open up the South American country's financial corset and lift the currency exchange stocks once the current understanding with the IMF ends next month.

On the other hand, the IMF has plans different from those of the Libertarian administration. However, it is expected, at least in Buenos Aires, that Milei's proximity with future US President Donald Trump might yield better results in the ongoing negotiations. Before Christmas, the IMF must complete two technical reviews and submit a new report to the board to authorize future disbursements.

The Libertarian government claims to have met every goal agreed upon with the IMF, albeit with slight deviations in reserves. Buenos Aires considers that there are no significant risks for the adjustment plan in the short term.

Milei also met in Rio with Indian Prime Minister Narendra Modi and Chinese President Xi Jinping, among other engagements. Upon returning to Buenos Aires, the Argentine leader is scheduled to hold an encounter with Italian Prime Minister Giorgia Meloni.

Also Tuesday, the Argentine Government repealed 43 regulations allowing state intervention in certain markets.

“The national government repealed norms currently unused that, being in force, left open the possibility of being applied to fix prices, intervene in private activity, and subject citizens to meaningless requirements,” an Economy Ministry resolution published in Tuesday's edition of the Official Gazette read.

The repealed norms “contemplated controls on foodstuffs such as beef, dairy products, stores, and supermarkets, as well as regulations on communication services and pharmacies,” the document also mentioned.

In addition, rules related to the request for information that the State made to companies and educational institutions were eliminated, as well as others that required “redundant” procedures to access the tire homologation process. “These measures are in addition to the 107 repeals carried out by the Secretariat of Industry and Commerce of the Ministry of Economy since the beginning of the administration to reduce bureaucratic obstacles and promote free competition,” it went on.