North Miami-Dade News

On October 4, 2024, Congresswoman María Elvira Salazar, chair of the Western Hemisphere Subcommittee, and other Republican members of Congress called on the International Monetary Fund (IMF) to engage in new negotiations with Argentina. They seek to establish a robust financial package to aid Argentina's economic recovery.

Joining Salazar in this initiative were Representatives Chris Smith, Carlos Giménez, Bill Huizenga, Mario Díaz-Balart, Mike Lawler, Mike Waltz, Joe Wilson, Tom Kean Jr., and Keith Self.

In their letter addressed to IMF Managing Director Kristalina Georgieva, the representatives praised President Milei's efforts to restore Argentina's reliability as an economic borrower and highlighted his measures against inflation and budget austerity plan "Déficit Cero" as positive steps forward.

"Estados Unidos es el mayor accionista del Fondo Monetario Internacional y, por lo tanto, tiene un gran interés en sus actividades. En Argentina," stated the legislators. They expressed optimism that Milei's plans are reducing inflation and placing Argentina on a path to meet its international financial obligations. The letter urged Georgieva to consider these positive developments when assisting Argentina in planning its future course.

The full text of their letter is available online.

The representatives expressed confidence in President Milei's understanding of necessary economic measures. They believe implementing his austerity plan fully could exceed IMF expectations by addressing spending comprehensively and tackling economic challenges responsibly.

"We believe that the IMF was generous with past profligate socialist governments," they wrote. They referenced previous generosity shown by the IMF despite socialist administrations' refusal to cut spending adequately. These governments received substantial deals despite defaulting from 2007-2015 under Kirchner’s presidency. The legislators noted encouragement from Milei’s commitment to moving beyond this legacy.

They acknowledged current fiscal responsibility efforts by Milei’s government but emphasized a need for support through a comprehensive IMF program for long-term solvency and prosperity. They requested consideration within applicable rules for such support complementing Milei’s tough decisions toward promoting economic health in Argentina.

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