Lagarde: "It would be silly for a candidate to turn his back on the work in progress" | Chronic

The Managing Director of the International Monetary Fund (IMF), Christine Lagarde, said Thursday the good progress of the reform program implemented by Argentina as part of a multi-million dollar loan granted by the multilateral organization and said that "That would be silly" that a possible new government rejected it.

"Now that so much work has been done, in a program where social protection has always been one of our top three priorities, it would be foolish for any candidate to turn their backs on work in progress." , said the French lawyer with reference to the October elections in Argentina.

I also read: Lagarde: "Argentina comes out of the bottom of the crisis"

The IMF granted a credit of 56 billion dollars to Argentina last year to face a financial and currency crisis resulting in a depreciation of its currency in half. This amount is a record for the institution which, in exchange, has agreed with the government to Mauricio Macri severe budgetary adjustment, even though it included social plans for "protect the most vulnerable".

"We are now starting to see how the program really works"Lagarde said at the opening press conference of the IMF and World Bank Spring Meetings.
"The Argentine economy is about to reach the bottom"said the managing director of the IMF, while baduring that this would imply a subsequent rebound.

I also read: Dujovne debuts in Washington as first IMF debtor

In its report on the outlook for the global economy, revealed on Tuesday, the Fund said the Argentine economy would shrink by 1.2% in 2019 to reach 2.2% by 2020.
Gross domestic product (GDP) will be contracted in the first half of 2019 "as domestic demand slows with tighter policies to reduce imbalances", the agency said.

He also predicted that the economy would grow again in the second half of the year, while real income would pick up again and agricultural production would resume after the drought of 2018.