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News > Argentina

Argentina's IMF Loans Were Unnecessary, Minister Kulfas Says

  • The sign reads,

    The sign reads, "No to the IMF, enough with lies Macri", Argentina, 2018. | Photo: Twitter/ @telesurenglish

Published 2 March 2021

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.


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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.

On Monday, President Fernandez announced before Congress his intention to open a criminal investigation targeting acts of "defrauding and misappropriation of public funds."

The Central Bank submitted to the Anticorruption Office all the documentation related to the last agreement signed with the IMF to determine if any damage was caused to the State.

"The acceptance of such credit was done without previous legal and technical interventions, with total irresponsibility and behind the back of Congress," Fernandez said.

"It cannot be seen in any other way than a fraudulent administration and embezzlement of public funds as we have never seen before," he added.

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