The organization maintains that the loan was not decided by its staff but rather by a regional strategy of the United States, to support an axis of center-right governments in the region.
The Independent Evaluation Office of the International Monetary Fund (IMF) was very self-critical in its annual report on capital flows and recognized that it was a very serious mistake to lend USD 57 billion to the government of Mauricio Macri in Argentina.
The unpublished IMF loan brought a strong prejudice for the country that has “double responsibility” that of the lender and that of the borrower. According to the internal report of this organization, it was necessary to “delve more diligently into the risks.”
For their part, fund officials maintain that the acceptance of this loan was not decided by the body’s staff but rather by a “regional strategy of the United States to support a center-right axis of governments in the region.”
In a compilation of self-criticisms, the IMF acknowledges that the risks of that historic loan were not worked out well, for a government that was experiencing a self-inflicted crisis, with record inflation, lack of investment and no growth.
“In 2015 in Argentina, the Staff should have been more firm in warning about the risks of a rapid removal of restrictions on the capital account and about the need to strengthen the macroeconomy so that this opening is sustainable,” the agency commented.
On the other hand, the IMF seems willing not to recommend any adjustment or alteration to the economic plans that could condition the development of Argentina and other debtor countries.
Source: Página 12
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