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The new president of Argentina Javier Millay in the US for contacts with the Biden administration and the IMF

Its president-elect Argentinian Javier Millay will meet early this week in the US with officials from the Joe Biden administration and the International Monetary Fund (IMF), according to Agence France-Presse diplomatic sources.

Ahead of his inauguration scheduled for October 10, the controversial extreme liberal, a supporter of shock therapy, price liberalization, dollarization of the economy and an opponent of all government regulation, will meet today in Washington with Juan Gonzalez, an adviser to President Joe Biden.

As his victory Javier Millay ushering in a period of uncertainty for Latin America’s third-largest economy, the president-elect will also see State Department and Treasury officials.

He already spoke via video link on Friday with IMF Managing Director Kristalina Georgieva about the “major economic challenges facing” Argentina.

Buenos Aires is struggling to repay a $44 billion loan it received from Washington’s financial institution in 2018 as the country’s foreign exchange reserves sink to historic lows.

For about a dozen years, double-digit inflation had become the norm in Argentina, but this year it took off, reaching 143% on an annual basis, a 32-year record, alongside the continued depreciation of the peso, the currency.

The outgoing center-left government of President Alberto Fernandez has renegotiated the terms of repayment of the loan the country took out under his predecessor Mauricio Macri, but a recession exacerbated by the novel coronavirus pandemic and this year’s drought have hit Argentina’s economy hard, making it difficult achieving the goals set by the international financial organization.

Source: News Beast

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