Currently, the quota of countries does not reflect what they should be. The claim of several countries such as those of the G24 last week, or the analysis in the G20 on surcharges is marked by that previous negotiation. In statements to the NA agency, Torres said that “it is difficult to achieve a rate reduction as long as a risk of Argentine default to the IMF is not cleared up “.
The latest G20 statement on the matter, which the government interpreted as an achievement, noted: “We thank the IMF for updating its surcharge policy and look forward to a broader discussion in the Board in the context of the interim review of precautionary balances. “. The former director for Argentina, who is a lawyer by profession, explained that the “precautionary balances” are intended to protect the international body from “possible losses of income or capital recovery,” which is precisely the situation in Argentina.
In another aspect, Torres, who maintained contact from Geneva, stated that Kristalina Georgieva’s situation at the head of the IMF was hit, after the accusation she suffered of having influenced in favor of China in the elaboration of indices when she was director of the World Bank .
“Georgieva has lost relative power. Her ability to use political criteria to ‘soften’ technical conclusions of the staff is diminished. In turn, the statement from the Secretary of the Treasury of the United States, Janete Yellen allows her to survive, but is far from giving support. To stay in office he will have to show doggy loyalty to the Treasury “, he pointed.
In said statement, Joe Biden’s official said that there is no evidence to justify his removal from office, which does not necessarily imply acknowledging his innocence.
In spite of everything, the former director before the IMF considered that the organization could accept a gradualist program to resolve the Argentine situation. “The IMF staff will surely want to narrow the ‘gap’ between the official exchange rate and the multiple informal changes, but I think they are aware that the process of eliminating the stocks will be gradual,” he said.
Torres was executive director at the IMF between 2004 and 2008, years in which President Néstor Kirchner paid a debt of US $ 9,810 million in cash. He also represented Brazil between 2013 and 2015, and returned to Argentina in 2016-2017 for the Stand By agreement negotiated by Mauricio Macri.
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