The Strategist

Argentina refuses remaining IMF loan

11/27/2019 - 07:51

Alberto Fernandez said he would not ask the fund to transfer $ 11 billion, the remaining of the total loan of $ 57 billion.

Press Cambrabcn via flickr
Press Cambrabcn via flickr
"I don’t know if the remaining money will come under the agreement, which states that Argentina will be sent $ 57 billion. To date, they sent $ 45 billion, $ 11 billion remains. I need to solve a huge problem, will I really ask for another $ 11 billion? I want to stop asking and be allowed to pay the loan off," said Argentinean president-elect Alberto Fernandez, who will take office on December 10, in an interview with Con Vos.

"You cannot treat alcoholism with wine," Fernandez added, saying that his government "will make it a rule not to take more money."

According to the new Argentinean leader, he also considers it necessary to agree with creditors on a postponement, which will give the country's economy an opportunity to develop and pay off debts.

Fernandez assured Kristalina Georgieva, Managing Director of the International Monetary Fund, that his team has a plan to allow the republic to repay a loan under the international organization. However, he noted that he was not going to apply austerity measures.