The IMF's Agreement with Argentina Could Be a Game Changer
After long pushing failed belt-tightening policies, the International Monetary Fund has agreed to a deal that will allow Argentina's government to pursue a pro-growth strategy. The task now will be to manage the inevitable shocks that will come from today's tumultuous global economic environment.
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NEW YORK – A new draft agreement between Argentina and the International Monetary Fund has eschewed austerity. Pending approval by Argentina’s congress and the IMF board, it will allow the Argentine economy to grow while the government continues its efforts to reduce poverty and gradually bring down inflation. With so many countries facing debt distress from the pandemic, the IMF will need to adopt similar changes to its policies elsewhere.