Argentina asks IMF to release $50bn loan as crisis worsens
Argentina’s government has asked US $ 50 billion ($ 37.2 billion) for the initial release of IMF during the unexpected growing economic crisis.
President Morris McChrystal said that this move was designed to restore confidence in the Argentine economy.
Argentine Money has lost more than 40% in its value compared to US dollar this year and inflation is increasing.
On Wednesday, the IMF has confirmed that it is trying to strengthen the management and to change its steps.
Chris I. Managing Director of the International Fund Fund (IMF) said, “I have emphasized on preparing Argentina’s policy efforts and to support the government.”
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IMF’s problem facing international debt
Investors are concerned about Argentina, which could fail to pay a heavy government loan and can not be fixed.
According to reports, IMF decides to increase the number of unhappy troubles.
When there is a consensus between the credit during May, President Makar said that he is not expecting to stabilize the economy and plan to use money.
How did we go here?
By Daniel Gallas in Buenos Aires
IMF has failed to believe in the highest interest rates and investors’ support in the world.
Despite the efforts to meet investment concerns, Argentine Money is still missing the price.
Other emerging markets like Turkey and Brazil are also affected by holding their currencies in the years, but Argentin’s situation is especially in trouble.
The country is not able to reduce inflation, which is the highest in G20 countries. And the government has failed to implement economic reforms, which they promised to IMF, most of them had to stop public spending and debt.
President McChrystal was selected on the promise to restore the economy, but till now it seems to have been very progressive.
Everyday life is becoming more expensive for Argentines, because there is still a close connection between US dollar and many goods and services prices.
A combination of lack of utility and reduction in public spending means that the wage prices do not increase, most people are poor.
What the president said
“We have seen more than our financial capabilities in the year 2019,” Mr. McGri told a television address. In the past week, markets lack new trust.
“In order to guarantee the financial program compliance with the International Monetary Fund, we agreed to move forward all necessary funds next year.
“This decision is to end any uncertainty.”
He added that further measures will be taken on the basis of settlement in government loans.
What do their opponents say?
Mr McChrystal decided to ask IMF to help May, many people criticized his country.
IMF is firmly established in Argentine and 2001 has been blamed for financial crisis in the 2001 2001 financial crisis.
The country’s opposition has banned the main facts of mosquitoes smiling, including economic crisis, investment reduction and lack of social programs.
What is IMF’s ideas?
Argentina, which has increased stress due to economic problems over the years, its currency declined every time after the help of IMF in May.
This country is committed to dealing with its duplicate infrastructure and reducing public spending as part of the agreement.
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IMF management director, Christine L. Lardard, said that the project was designed by the Argentine government and “was intended to strengthen the economy for Argentina’s benefit.”
After talking to the President of the Wednesday evening, he said his staff has been instructed to Argentina to strengthen the plan and review the project again.
He also said that they believe that “the strong commitment and commitment of the authorities” will help the country to strengthen the country through financial climate.
Are we from here
In 2001, the Argentine government fixed its debt and largely eliminated the banking system.
The effect on Argentina was destructive, many people soon disappear from their prosperity.
The people who experience it are afraid of the return of government restrictions, then banks have returned to stop movement.
Under barriers, which lasted for one year, people generally do not get money from their accounts for the common Argentina.