Argentina to get $20 billion IMF loan

Argentina’s maverick pro-free market President Javier Milei went with hammer and tongs - in his own words a chainsaw - to set the sinking economy with its soaring inflation in order through the-nowfamiliar-remedies of reducing the size of the government, subsidies. He had pushed the economy to the brink of collapse in the opposite direction.

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He needs a loan of $20 billion from the International Monetary Fund (IMF). And on Tuesday, the IMF team had agreed in principle to give the loan, and the final decision now rests with the executive board. Milei needs the IMF rescue package so that he can keep up the foreign exchange reserves and there is no default in paying the loans.

Meanwhile, the majority of Argentinians, mostly the poor and those who are nearly poor, are paying the price for Milei’s ruthless austerity measures. But the pop economist and television-presenter that he was before he plunged into politics more than two years ago will not be able to save the economy if he does not get the IMF loan.