By Jorgelina do Rosario LONDON - Argentina and the International Monetary Fund share a rocky history spanning seven decades - and it looks as if things could get worse. Just five years ago,By Jorgelina do Rosario
Although the current programme is off track, the IMF is pushing ahead with reviews and disbursements because it does not want to force Argentina into a default that would likely worsen the country's grim economic circumstances. Even if he wins the Oct. 22 election and takes power in December, Milei would need alliances in Congress to push through reforms and a new IMF programme - Argentina's 23rd.
A top soybean meal and oil exporter, Argentina is at the mercy of boom-and-bust cycles. Its economic policies have gyrated between protectionism - capital controls, export quotas and tariffs - and market-friendly reforms, leading to a topsy-turvy relationship with the Fund. "The shadow of that failed programme will linger on both the new administration and the IMF, as there is an institutional memory on how this programme didn't help", said Stephen Nelson, an associate professor of political science at Northwestern University in Chicago.The current programme could end before its expiration in September 2024, but Argentina will still require funds.
The lack of"evenhandedness" has come up with countries such as Zambia, Sri Lanka and Ghana facing strict requirements under IMF-led debt reworks.
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