Alejandro Werner: the only person remaining responsible for those who negotiated the agreement with Mauricio Macri leaves the IMF

WASHINGTON.- Alejandro Werner to step down from the International Monetary Fund (IMF) at the end of August after nearly a decade at the head of the Western Hemisphere Department, a cycle which had as its most visible chapter the Be ready for 57 billion US dollars signed under the government of Mauricio Macri. Werner’s departure was announced by the Managing Director of the Fund, Kristalina Georgieva.

“Alejandro led the department through very difficult times and leaves you on a solid footing to get the job done to help our member countries across the region, ”Georgieva said in a statement. “I have deeply appreciated your experience, your good judgment and your advice, and thank you for your excellent service and support,” he added.

“His in-depth knowledge of the region and his extensive experience in the public and private sectors, as well as in academia, have been invaluable,” noted Georgieva. “Alejandro has played a pivotal role in advising the IMF to regional authorities on issues such as the fight against corruption and inequality, as well as in initiatives to promote inclusion and sustainable growth, thus helping to significantly improve the economic outlook for the region. More, Alejandro paid more attention to the plight of the most vulnerable countries in the region, including the threat of climate change, ”he said.

Werner, 54, born in Argentina and raised in Mexico, first joined the Fund in 1995. He briefly left the agency for other professional activities and returned to Mexico to take up the post of Director of Economic Studies at Banco de México. He later became Undersecretary of Finance and Public Credit in the Mexican Ministry of Finance. After more than a decade of public service, he joined BBVA Bancomer de México as Director of Corporate and Investment Banking.

The Fund did not specify the reasons for his departure and said in its statement that the search for a successor (or successor) would begin shortly. Werner plans to retire on August 31.

As head of the Western Hemisphere Department, Werner led the negotiations with the government of Mauricio Macri which resulted in the largest loan in the history of the Fund with the support of the head of the organization at the time, Christine Lagarde, and the then President of the United States, Donald Trump, and the rest of the G7 countries that make up the advice from the IMF.

Werner and who at the time was head of mission for Argentina, Roberto Cardarelli, fueron los dos funcionarios que llevaron adelante la relación con el gobierno de Mauricio Macri y discutieron, primero con Nicolás Dujovne, y luego con Hernán Lacunza, los cambios y retoques del fallido programa que sucumbió en las primarias presidenciales del 2019 frente con of all. Both had discussions with Luis “Toto” Caputo and long negotiations with Dujovne and Guido Sandleris for the exchange rate policy of the Central Bank., one of the points that has generated more friction and back and forth with the Macri government, which has always sought more room to control the dollar.

After the failure of this program and the arrival of Georgieva at the IMF and Alberto Fernández at Casa Rosada, Werner took a step back and he ceded the star role in the negotiations to Julie Kozack, his number two, and Luis Cubeddu, the replacement for Cardarelli. Kozack and Cubeddu have been discussing a new program with the Minister of the Economy, Martín Guzmán, since the end of 2019.

The Alberto Fernández government has been very critical of the program sealed between the Macri government and the IMF, and he even accused the Fund of violating its statute and guaranteeing capital flight with the loan, an accusation the agency has always categorically rejected.

Werner and the IMF announced their withdrawal before the current negotiations lead to a new agreement. and that the report of the Staff of the organism that will serve as a sort of “autopsy” of the failed 2018 program.