Argentina's economy minister urges patience with reforms, citing IMF chief

Argentina's Economy Minister Luis Caputo emphasized on Monday that the reforms initiated by President Javier Milei's administration need time to demonstrate their effects, calling for "patience and perseverance."

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All these changes take time. You have to have patience and perseverance, as she says. I understand people's impatience to see immediate results.

Following a meeting between Milei and IMF Managing Director Kristalina Georgieva, Caputo relayed that the IMF head concurred with the necessity of sustaining the current economic strategy. He highlighted the progress of the official program, stating that Georgieva was "very impressed" with the results and the reforms being implemented. Caputo quoted Georgieva as saying, "All these changes take time. You have to have patience and perseverance, as she says. I understand people's impatience to see immediate results."

Caputo explained that Georgieva, drawing from her experience in Bulgaria, pointed out that societies often become anxious for quicker results once initial improvements are visible. "She said it's very common that once achievements are made, people take them for granted and become more anxious, demanding more things faster," he recounted.

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She said it's very common that once achievements are made, people take them for granted and become more anxious, demanding more things faster.

During their meeting at the Casa Rosada, Milei provided Georgieva with a more detailed explanation of the proposed reform to the Central Bank's Organic Charter. Caputo mentioned that they also discussed various aspects of the economic program. "We talked about various topics. A very good meeting with the President. She left very happy with everything he presented to her. He told her in more detail about the reform of the Organic Charter [of the BCRA]. She took note," he said.

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We talked about various topics. A very good meeting with the President. She left very happy with everything he presented to her. He told her in more detail about the reform of the Organic Charter [of the BCRA]. She took note.

Caputo also shared Georgieva's assessment that Argentina is advantageously positioned within the current international landscape. "She emphasized that we are one of the countries best prepared for the volatility we are seeing in the world. Argentina has a fiscal and energy surplus in a context of war where energy prices are rising," he stated. He added that the country "is now an oil producer" and "benefits from the price increase."

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She emphasized that we are one of the countries best prepared for the volatility we are seeing in the world. Argentina has a fiscal and energy surplus in a context of war where energy prices are rising.