Argentina is collecting the first $12bn of the $20bn loan, granted to it by the International Monetary Fund. It is a huge boost to plans to salvage Argentina’s battered economy.

Buenos Aires

Argentina has lifted currency controls after securing a $20 billion loan from the International Monetary Fund (IMF). This move comes as the country receives the first installment of $12 billion from the loan, a significant step in its efforts to revive its struggling economy. The decision to lift currency controls is a part of a broader strategy to address rampant inflation and stabilize the Argentine peso's value against the US dollar.

The U.S. Secretary of the Treasury, Scott Besant, recently visited Argentina for a brief meeting with President Javier Millet to discuss economic reforms and potential reductions in trade barriers between the two nations. Besant expressed the Trump administration's support for Argentina's economic strategy and highlighted the importance of strong bilateral relations. The visit underscores the international backing for Argentina's economic recovery efforts.

This marks Argentina's 23rd loan from the IMF since 1958, highlighting its ongoing financial struggles and history of loan defaults. Previous loans, including $57 billion in 2018 and $44 billion in 2022, failed to resolve the country's deeper economic issues. Amidst economic hardships and skepticism over past promises, Argentinians are cautiously hoping for the success of this plan. President Millet has enacted significant budget cuts to secure IMF funding, which led to widespread social and economic impacts, particularly on the lower middle and working classes.



Argentina lifts currency controls after securing a $20bn IMF loan

It was a lightning visit. The U.S. Secretary of the Treasury, Scott Besant, spent just 12 hours in Argentina meeting President Javier Millet, praising his economic reforms and pledging to reduce trade barriers between the two countries. I am here today to express the support for President Millet and his administration's vision for this beautiful country. More importantly, I am here to express the Trump administration's admiration and partnership with the Argentine people. You were willing to make the tough choices over the short run to make Argentina great again. The seeds planted in our relations with the United States must be sufficiently strong to expand across the whole region. Besant arrived as Argentina received the first $12 billion of a $20 billion loan agreed with the International Monetary Fund. The government immediately lifted currency controls. What next? Will the measures tame rampant inflation or halt the continuous slide of the peso against the dollar, bring down prices? We are living through economic hard times, socially worse. It's deplorable what's happening to the lower middle and working classes while they are giving money to the financiers who will only speculate with it. We are desperate because we don't have enough to reach the end of the month. Rents are high, the cost of living is high, clothes and food are expensive, so we are desperate. Since 1958, the IMF has granted Argentina 23 loans. It owes the fund more money and has defaulted more times than any other country. Previous loans of $57 billion in 2018 and $44 billion in 2022 did little to solve the country's deep-rooted economic problems. Another multi-billion dollar rescue package, another high-level visit. But Argentinians have seen so many rescue packages fail and so many promises broken that any optimism is tinged with a large dose of caution. President Millet used a symbolic chainsaw to cut state spending, plunging thousands into poverty. Necessary, he said, to get the IMF loan. Argentina again waits nervously, hoping that this time the promises being made will come true. Daniel Schwaimner, Al Jazeera, Buenos Aires.

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