IMF issues critical review of Argentina's $44 billion program as new negotiations begin

The International Monetary Fund (IMF) released a negative review of its recent $44 billion program in Argentina, marking a necessary step before President Javier Milei can negotiate a new agreement. This program was the IMF's second largest ever. The evaluation highlighted poor policy decisions by former President Alberto Fernandez's government, which led to the program's failure and a worsening economic crisis. By mid-2023, the program was nearly halted due to repeated policy breaches. Negotiations for a new program have started, with Economy Minister Luis Caputo aiming for an agreement within four months. Markets are closely monitoring these talks, especially regarding potential new funding and the lifting of currency controls.