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The multilateral debt contracted by former President Macri was not used to favor Argentine production.
Regarding the US$45 billion granted by the International Monetary Fund (IMF) to Mauricio Macri's administration (2015-2019), Argentina's Productive Development Minister Matias Kulfas on Tuesday denounced that those resources were actually used by the former right-wing President to pay debts incurred during his administration and to hide private capital flight.
Given that such a debt operation was an irresponsible and unnecessary act, Kulfas explained that President Alberto Fernandez had first to restructure the debt with private creditors and then negotiate a new deal with the IMF.
Defense Minister Agustin Rossi also recalled that Macri administration officials systematically refused to submit the IMF agreement for analysis by Congress.
"After the agreement, the debt-obtained income went to capital flight. This appears as a fraudulent act," Rossi stressed.
Argentina’s hyperinflation was not caused by printing but the foreign debt they were trying to settle using domestic currency, meaning they printed to buy foreign currency to settle foreign debt, this is not QE https://t.co/Rt7UwynY90