Argentina has a very strong link with the International Monetary Fund. What the former president decided in 2006.
Argentina maintains a historical relationship with the International Monetary Fund (IMF). Since 1956, when Pedro Eugenio Aramburu requested the first loan from the entity, passing through the de facto governments during the military dictatorship, The country was plunged into heavy debts with the organization.
And not only that, but it was the cause of important events in the countrysuch as the resignation of President Fernando De La Rúa in 2001, after the suspension of disbursements by the IMF, and leading us to a deep economic and social crisis.
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The day that Néstor Kirchner canceled the debt with the IMF
However, January 3, 2006the then Argentine president, Néstor Kirchner ordered the total cancellation of the debt that the country had with the IMF. The disbursement was 9.8 billion dollarsthrough the use of Central Bank reserves and meant a saving of 842 million dollars in interest, as well as relief as a declaration of independence and economic autonomy.
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It was the second time in history that Argentina decided to cancel the debt with the multilateral credit organization. The first time was in 1947, during the presidency of Juan Domingo Perón. Anyway, this was announced on December 15, 2005: “And at the end of the year, we said that we want to be independent again and manage the resources of our country ourselves”.
“A few hours ago we decided to end that 50-year debt, and we told the IMF enough of the external debt. Argentina pays, frees itself and builds its destiny”said the president on that occasion.
Source: Ambito
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