Argentina and the International Monetary Fund share a rocky history spanning seven decades - and it looks as if things could get worse.
Just five years ago, Argentina became the Washington-based global lender's biggest single debtor, receiving a $57 billion bailout to help then-President Mauricio Macri's market-friendly government steer out of an economic crisis marked by high inflation and a gaping budget deficit. But that programme failed to put South America's second-largest economy back on its feet.
"No matter who wins after the vote, the IMF should insist that the government either bite the bullet - or otherwise the Fund should pull the plug on its support," said Mark Sobel, a former U.S. representative at the IMF.The next government might feel the heat quickly. Stricter conditions and deeper structural reforms for Buenos Aires should come with a "very strong social component," said Martin Muehleisen, the former director of the IMF's Strategy, Policy and Review Department , adding that a new programme "can't mean more people living on the streets.""The message to Argentina from the IMF but also from G7 shareholders needs to be clear: You fix your economy for real or there is just not more money," Muehleisen said.
Following 15 years with no programmes, Argentina returned to the IMF in 2018 to request a record bailout. That effort paved the way for the $57 billion programme, which ultimately failed and was replaced by the current one. Some IMF executive board members have complained in Argentina-related meetings that the country has received preferential treatment, three sources close to the matter said on condition of anonymity.
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