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News > Argentina

Argentina: Macri Denounced for Fraud in Managing $55bn IMF Loan

  • Former Argentina President Mauricio Macri, Sep. 4, 2019.

    Former Argentina President Mauricio Macri, Sep. 4, 2019. | Photo: Twitter/ @steve_hanke

Published 13 March 2021

Mauricio Macri's administration used the loan to finance a huge capital flight in favor of his business associates.

The Anti-Corruption Office (OA) accused former Argentina's President Mauricio Macri (2015-2019) and several of his administration's officials of fraud, aggravated unfaithful administration, and embezzlement of public funds.


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The charges came after President Alberto Fernandez demanded an investigation into certain irregularities related to the managing of the US$55 billion loan he requested from the International Monetary Fund (IMF) in 2018.

The punishable action is not to request the loan, but failing to comply with the legal provisions for its approval.

Macri's government evaded the Ministry of Economy and the Central Bank's viability opinions and did not receive authorization from the National Congress. Similarly, Macri also lied about the real purposes of the loan, which he did not include in the yearly Budget Law.

Macri's administration executed almost US$45 billion of the loan, which is "coincidentally" similar to the US$45.1 billion sent abroad in the form of speculative capital to "save money" at the expense of Argentine taxpayers.

"It was an action to generate an extraordinary transfer of assets from the public sector to a select private-sector group. It damaged the interest of the Argentine people, who were deceived by the government officials' omissions and violations of their duties," reads the complaint.

The Central Bank of Argentina (BCRA) issued a report reflecting the guilt of former Finance Minister Nicolas Dujovne, former Finance Minister Luis Caputo, and former Central Bank Ministers Adolfo Struzenegger, and Guido Sandleris.

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