For the Financial Times, the Argentine fiasco should make sure that the IMF reflects

In his article, the professor of international economics at the American University, Arturo C. Porzecanski, indicates that at the annual meetings of the IMF and World Bank "listed on the agenda of many major and secondary meetings, there is the proverbial elephant in the room: Argentina".

And warns: "the Argentine fiasco should make the IMF think, It was time to think seriously about the mistake of last year's bailout for Argentina.

In this sense, Porzecanski warns that "the fault should not be attributed solely to Argentina. The first question is whether the IMF should devote as much funds to the financial stabilization effort of any country as before, instead of playing a more catalytic role ".

The specialist recalled that the IMF had granted Argentina a credit equivalent to 11 times the size of its quota. According to the Financial Times, "the ink of this deal was barely dry as the economic program derailed".

"The largest reserve for Argentina eclipses what was previously the IMF's largest programs with Brazil in 2002 (SDR 22.8 billion) and Greece in 2010 (SDR 26.4 billion). previous reserve program with the IMF (2001-2003) 03) it was a more modest SDR of 16.900 million euros. "

Instead of exercising more caution, the Fund proposed in September 2018 to extend its loan to $ 57 billion, 13 times the share of Argentina.

The funds already paid to Argentina account for 47% of the total IMF loans worldwide. "The size and concentration of this unique credit in the IMF's accounts is alarming," Porzecanski warned, noting that credit risks were also increasing day by day, as Argentina resorted to lending money. credit money to support the peso. Since early April, the central bank has used more than $ 30 billion of its international reserves.