AMLO’s request for help confirmed in Mexico (votes are missing on board)

Within the government, calculations are already underway on the most important “share” of votes for the country in recent years. According to official projections, Argentina will already have nearly 60% of the board approval needed for Alberto Fernández’s strategy to pay off the US $ 44.8 billion debt before the organization is guarantee. This level is achieved by ensuring that the voices of Germany, France, Spain and other European countries are counted; the addition of other key states which, it is excluded, would also approve of Argentina. In this group, we mention Russia, China, the Arab countries (especially those of the Persian Gulf, with a strong presence on the board of directors of the IMF), in addition, logically, all Latin America and Africa. It is also hoped that the guarantees of Canada and the rest of the European Union will be met, with which the percentage would rise to around 70%. And so it would be necessary to get only 10% more for the essential level so that a transgressive proposal of what the IMF statutes prescribe and dictate can be approved.

It is only with a minimum of 85% of guarantees that the Fund’s line technicians could be authorized to request a payment plan for the country outside the only mechanisms authorized by the organization’s charter: the stand- by and extended installations, in one of its possible variables. As what the country is proposing is a rule change, only a vote of over 85% could endorse the request, with which sooner or later Alberto Fernández must have the support of Joe Biden. Continuing the Albertist maxim, with Biden this is not enough, but without Biden it cannot. If the President of the United States supported the country, it would achieve 90% of the vote and, therefore, the majority needed for any kind of extended installations version to be guaranteed. He would only doubt what Japan (6% of the vote), the Nordic countries (3.43%) and other European states, traditionally reluctant to support the country, would do (nor did they do under Macri).

On the question of council votes, the situation is clearly marked. Each sovereign state has a percentage of votes based on its GDP; reserves and direct contributions to the functioning of the agency based in Washington. Any normal agreement (standby or extended installations) is approved with a minimum percentage of 70%; but a majority of 85% is needed for special projects or changes to the Organic Charter. Recently, this majority was necessary in cases such as the Greek crisis of 2010 and the Portuguese crisis of 2011. The need to achieve this percentage was what played against Argentina in 2001, when the last disbursement committed was. disapproved by the board. agreement in the face of the American refusal to approve the proposal (by direct recommendation of the number two of these years, Anne Krueger); as well as the approval of the 2003 pact when Néstor Kirchner negotiated directly with George Bush a quota plan outside the current treaties.

In this case, it is also essential that the North American director approves the request, as his or her vote for or against (or abstention) will determine the fate of the Argentine proposal. In total, the board is made up of 24 executive directors who represent different levels of power within the body in terms of percentage. The United States, Japan, Germany, France, and the United Kingdom can elect a director without assistance from any other country. China, Saudi Arabia and Russia de facto elect one director each; while the other 16 choose it based on state blocks. Argentina, through local envoy Sergio Chodos, occupies the group with Bolivia, Chile, Peru, Paraguay and Uruguay.