BUENOS AIRES (Reuters) – Argentine Vice President Cristina Fernandez de Kirchner slammed the International Monetary Fund (IMF) on Thursday, saying that the program agreed to with the multinational lender is holding back the country’s economy.
Fernandez de Kirchner, speaking at an event commemorating Revolution Day in Buenos Aires’ historic Plaza de Mayo, said the debt is impossible to pay off.
The government’s ruling coalition is attempting to shore up support from the IMF and advance payments ahead of October elections.
“If we are do not set aside this program … to develop our own plan for growth and industrialization, it will be impossible to pay for,” the vice president said, standing alongside Economy Minister Sergio Massa, who is trying to keep the $44 billion program on track.
She said the original deal was “political” and that the IMF program does not allow the country to distribute wealth.Â
“The dead do not pay their debts,” Kirchner said, quoting her late husband and former president, Nestor Kirchner, to thousands who gathered despite heavy rain.
Nestor Kirchner had uttered that line while president in 2005 when he announced that Argentina would pay off its $9.8 billion debt to the IMF before year-end and avoid a full-blown default. Like his wife, he repeatedly blamed the fund for bringing about poverty and “destitution.”
The South American grains producer has a fraught history with the IMF. The country agreed to a $57 billion program with the Washington-based body in 2018 under former conservative leader Mauricio Macri to stave off economic crisis. That
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