The Auditor General of the Nation, Graciela de la Rosastated that the assessment that will carry out the Independent Evaluation Office (IEO) of the International Monetary Fund(IMF) on the credit granted to Argentina in 2018 “is late but important“. Besides, he questioned the legal framework of the subscription of the loan by the Government conducted in that period by Mauricio Macri and the subsequent outflow of capital.
The IMF office confirmed that, at the end of this monthwill begin internal credit evaluationand one of the inputs will be one’s own AGN report.
“It took me a little by surprise because we have been discussing and talking about this loan issue for a long time. The IMF’s decision seems a bit late to mebut It is important by taking various aspects of what this loan was,” de la Rosa emphasized this Saturday in dialogue with Radio 10.
What did the Auditor General say about the agreement with the IMF?
For the Auditor, there is a “shared responsibility” both for the administration of the former president Mauricio Macri as for himself IMF.
“One of the issues that AGN analyzed is that It was done behind the backs of the National Constitution and the National Congressand that specific regulations regarding financial administration were not taken into account when signing the agreement,” he explained.
In that sense, he pointed out against the very subscription of the credit. “There was not even a decree. It was not foreseen in the Budget Law of 2018 as a source of financing since in the same law there was no need for financing of such a loan “US$45,000 million”maintained and indicated that there was a “abysmal” detour in the use of funds in the budget investment account.
The loan – he recalled – was signed by the then Minister of Finance, Nicolas Dujovneand the president of the Central Bank, Federico Sturzenegger.
“In our report we say that the Minister of Finance was not empowered by Argentine laws to sign this agreement. The person who should have signed it is a Minister of Finance because he would have had to do a feasibility analysis to see if Argentina was in a position to take this loan,” de la Rosa said.
Lastly, the auditor also noted that there was a responsibility of the IMF itself. “Apparently one of the fundamental issues (that will be addressed in the IMF internal audit) would be the issue of capital outflow. He sixth article of the Fund say what loans cannot be used for a large and continuous outflow of capitalwhich actually happened in Argentina,” he explained.
He recalled, in that sense, that AGN itself audited this issue and considered that there was a “continuous and considerable” departure with “numbers and statistics” about it, although detailed data on its fate could not be obtained.
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