IMF Will Review Macri's Loan That Sank Argentina's Economy

The International Monetary Fund (IMF) confirmed that it would review credits granted to Argentina in 2018 during Mauricio Macri's government. The loan, suspended in 2019, has left a debt of $45 billion to be paid over the next three years, which is a significant problem to the country's economy as it tries to recover amid the COVID-19 pandemic.

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The IMF intends to "extract lessons so that we can incorporate those lessons and make it even better in the service to our members in the future," IMF spokesperson Jerry Rice said during a press conference.

The decision comes from the political organization Frente de Todos, who reached out to the head of the Independent Evaluation Office, Charles Collins, to ask for a review  of  the 55 billion funds that Macri requested in 2018 after the authorities denounce that it was an "illegal loan." The government already said it would not be able to pay within the initial timeframe.

This week, while visiting Mexico, president Alberto Fernandez said that his government and the IMF are trying to "reach a solution to an agreement that was shameful and given to achieve the triumph of Mauricio Macri in the re-election."

The loan given to Argentina, representing about 60 percent of the IMF funds, became the most significant loan in the IMF history. However, the IMF has been willing to renegotiate the loan with  Alberto Fernandez's government.