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Cristina Fernandez-Kirchner stressed that the IMF debt payments must be subordinated to the situation of the trade balance and must not put pressure on the public budget.
On Thursday, Argentine Vice President Cristina Fernandez-Kirchner urged to revise the conditions and the amount of the debt that former President Mauricio Macri acquired with the International Monetary Fund (IMF) from 2015 to 2019.
"The Macri administration requested to the IMF the largest credit in the Argentinian history," she stressed that the IMF debt payments must be subordinated to the situation of the trade balance and must not put pressure on the public budget.
The left-wing Vice President described such an agreement as one of the IMF's traditional recipes for unleashing inflation. In 2018, the year of the loan's approval, annual inflation rose to over 47 percent. Currently, interannual inflation is about 104 percent.
"The IMF has starred in the worst moments of Argentine democracy," Fernandez-Kirchner stated, recalling that former President Juan Domingo Peron (1946-1955 and 1973-1974) always rejected the policies recommended by the international institution.
Fernandez-Kirchner opposes the formal dollarization of the Argentine economy, a proposal that is currently being championed by far-right politician Javier Milei.
19 countries applied to join BRICS bloc ahead of the organization's next summit, among them are Algeria, Argentina,Egypt,Indonesia,Iran, Kazakhstan,Malaysia,Nigeria, Saudi Arabia,Thailand,UAE etc.
“Is it reasonable to re-consider a fruitless policy approved over 20 years ago? What is happening, compatriots?," she said, thus questioning the idea of Argentina giving up its national currency.
The Argentine Vice President described Milei as a disciple of former Economy Minister Domingo Cavallo, who slowed economic growth by imposing an unsustainable exchange rate in 1991.
“We cannot allow the old failures and ghosts to return to Argentina. We cannot go back to a time when we only thought about solving the issues of the present without envisioning the future,” she pointed out.
Although Fernandez-Kirchner refused to run as a presidential candidate in the October 22 elections, she reaffirmed her commitment to the country.
"I feel an infinite love for our Homeland, like millions of Argentines. Therefore, I promote debate and dialogue," she said, urging officials to discuss comprehensive proposals and not wait for miracles to solve the current economic crisis.