President of Argentina welcomes IMF agreement

The President of Argentina, Alberto Fernández, welcomed an agreement reached with the International Monetary Fund (IMF) noting that it will guarantee continued economic growth and increased public investment in the country.

"The commitments that we assume with the Argentine people guarantee us to continue growing, increasing investment in public works, creating formal employment, promoting social, educational, and science and technology investment," Fernández posted on his Twitter account.

The president made reference to the fact that during the mandate of former president Mauricio Macri (2015-2019) Argentina assumed the largest debt in its history with the IMF with generations of Argentines suffering the burden.

 
According to the Argentine head of state, paying the 45 billion dollars, of which 19 billion were to be paid this year alone, without an agreement, was impossible. "Not paying led us to a default that would inevitably paralyze the growth of the Argentine economy," he stressed.

 
This Friday, the IMF board approved the 30-month Extended Facilities Agreement (AFE) to refinance a debt of 44,000 million dollars. The agreement was the reasonable solution to the breach of the commitment, due to the enormous credit that was transferred to private capital abroad.

 
After two years of negotiations, the agreement still means high risks for the country’s economy and political fragility. The economic program has been criticized by various groups including the ruling party Together for Change, the libertarians, Vice President Cristina Fernández.