Argentina at the Crossroads: Relations with the IMF in the New Era

This paper examines Argentina’s evolving relationship with the International Monetary Fund amid recent economic and political shifts, including the institution’s own rebranding. It traces the historical trajectory of their ties, from a decade of detachment under the Kirchner administrations to Macri’s return to the Fund, making Argentina its largest debtor. Focusing on the 2018 and 2022 agreements, it analyzes their conditionality from a historical and regional perspective. Despite the IMF’s post-pandemic shift toward greater social and institutional considerations, its engagement continues to shape Argentina’s socio-political landscape, including the 2023 elections. The 2022 renegotiation became a political tool in the race to the Casa Rosada, reflecting two sharply different approaches under successive administrations. The rise of Javier Milei, whose ultraliberal stance is more orthodox than the IMF’s, alongside his rejection of multilateralism and ideological clashes with the Fund, signals a new phase in their relationship, likely shaping Argentina’s economic trajectory and its future role in the international financial architecture.