Left-Wing Party Calls Protest as IMF Chief Visits Argentina

Kristalina Georgieva, the managing director of the International Monetary Fund (IMF), is set to arrive in Buenos Aires for a visit aimed at closely observing and endorsing President Javier Milei's economic agenda. A key focus of her visit will be supporting the administration's push to reform the Central Bank's charter.

However, Georgieva's arrival is met with strong opposition from certain political sectors. The Workers' Left Front (FIT) has announced a protest for Monday afternoon outside the Ministry of Economy. The party vehemently opposes the IMF's involvement, particularly its role in facilitating payments on what they describe as "usurious external debt."

"Georgieva comes to support Milei and his chainsaw plan to continue guaranteeing payments on the usurious external debt," stated Juan Carlos Giordano, a national deputy for the FIT. He highlighted that recent payments amount to the equivalent of 16 million minimum pensions, criticizing both Milei's government and previous administrations for their agreements with the IMF.

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Georgieva comes to support Milei and his chainsaw plan to continue guaranteeing payments on the usurious external debt. The 4500 million dollars that were paid on July 9 represent 16 million minimum pensions. Milei and all previous governments agreed with the IMF, including Alberto and Cristina's. Out with the IMF from Argentina!

The FIT plans to hold a rally outside the Palace of Finance, where Georgieva is expected to meet with Economy Minister Luis Caputo. The IMF has expressed support for the proposed reforms to the Central Bank's charter, believing they would strengthen institutional safeguards, clarify the bank's mandate, and enhance transparency and accountability.

During her stay, Georgieva is expected to engage with Milei, his economic team, and other relevant figures, including those outside government. Historically, such visits have also included discreet meetings with the leadership of the General Confederation of Labor (CGT) union, a practice that has occurred under previous administrations as well. Following her visit to Argentina, Georgieva will travel to Uruguay.

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We support the authorities' intention to reform the BCRA's charter. Such a reform would strengthen the institutional safeguards that protect the independence of the entity's monetary policy, clarify its mandate, improve accountability and transparency, and reduce vulnerability to what we call 'fiscal dominance,' a situation where the BCRA finances the government.