Three Latin American international locations are among the many most indebted to the IMF

Buenos Aires et al. Out of the ten international locations on this planet which are most indebted to the Worldwide Financial Fund (IMF), three are in South America. Argentina could be very far on the prime. Ecuador and Colombia are in fifth and sixth place among the many most respected international locations.

In accordance with a examine that solely appears at debt on the IMF and makes use of the most recent information, Argentina’s debt is $32 billion, a number of occasions greater than Ecuador’s $6 billion and Colombia’s $3 billion. In accordance with usually obtainable figures from 2022 and 2023, the comparable figures for the gross home product (GDP) are 630 billion {dollars} for Argentina, 120 billion {dollars} for Ecuador and 340 billion {dollars} for Colombia.

Solely not too long ago has the IMF develop into an necessary lender to Ecuador once more and can also be offering “political steering for fiscal stability” by way of a mortgage. Nonetheless, the situations related to new cash have a big influence on social stability. New loans are used on a reasonably common foundation to service accrued curiosity on earlier money owed.

Ecuador is presently ready for the Govt Board of the IMF to approve the settlement signed in April between the nation and the fund, which is able to present a brand new mortgage of greater than $4 billion.

After the election of the ultra-right “anarcho-capitalist” Javier Milei as president of Argentina, the IMF issued a brand new mortgage for the disaster nation, which is about $44 billion. The financial adjustment measures required for this are coordinated by Milei’s financial “shock remedy”.

The IMF plans to launch particular person installments after technical opinions, when Argentina should exhibit that the mandatory reforms are being applied.

Because the starting of the yr, commerce unions and social actions have been mobilizing extensively in opposition to the results of rising dwelling prices, retrogressions in labor legislation, radical cuts in social areas and the impoverishment of enormous sections of the the individuals