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The 2022 review of the Fund begins with the English Chalk as a reference

The 2022 review of the Fund begins with the English Chalk as a reference

As it included annual goals that the country had to meet by a date to be measured from January 2022, if the Board approves the goals, it will receive an annual tick after that 2004 endorsement. It appears that it will.

Chalk is once again responsible for the IMF’s technical controls over Argentina and the momentary authority for compliance with the goals and objectives of the Extended Facilities agreement. The economist returned to occupy the position of interim managing director for the Western Hemisphere of the organization before Goldfajn’s departure. Something that, a priori, would not be such good news for the country. At least in relation to the public positions that Chalk always maintained on the economic situation in Argentina.

Chalk is a well-known person for the country, since during part of the second half of 2021 the British had already taken over as interim director before the departure of the Mexican-Argentine Alejandro Werner in the leadership of the Western Hemisphere. As the period of this request for Werner’s resignation and the arrival of Goldfajn extended between August 2021 and February 2022, Chalk’s intervention as the inevitable interlocutor of Martín Guzmán’s people was important.

At that time, the former Minister of Economy discussed the Extended Facilities and, among other issues, verified the body’s unwillingness to move forward, for example, in the reduction of interest rates applied to non-compliant countries such as Argentina. Guzmán claimed a contraction of 4.05 to 2.05%, something that should have been made as a political decision by the body’s board, but with a prior recommendation from the department for the Western Hemisphere. Neither of the two things was granted and the interest rate continued to be the maximum, something that later generated direct problems between Guzmán and Kirchnerism.

There is another precedent for Chalk’s presence in the relationship between the IMF and the country. He was one of the main people responsible between February and June 2018 for the negotiation of the stand-by agreement signed by the government of Mauricio Macri. The official held the position of deputy head of the Western Hemisphere department.

Source: Ambito

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