President Fernández says Argentina’s debt is a clear example of what’s wrong
Argentine President Alberto Fernández stressed Saturday before the plenary of the G20 summit in Rome that his country’s debt to the International Monetary Fund (IMF) was “a clear example of what is wrong” in the international financial system.
Fernández insisted that such a burden had been bequeathed by his predecessor Mauricio Macri. He also stressed that “the current system (…) gives priority to speculation on the development of peoples” and that “must change”.
The Argentine Head of State also called for international funding to adopt “new rules to be able to upgrade our societies with positive impacts and in the face of climate change”.
“The external debt that my government inherited from the International Monetary Fund and which we are facing today is a clear example of what is wrong: unique in history for its amount and for its repayment conditions”, Fernández pointed out.
The Argentine leader also stressed that such a loan had been granted to favor a specific administration but ended up condemning generations “who are not discouraged by the fate imposed on them.
Fernández considered that “those who got into debt without dealing with the ruinous consequences that resulted from it are as responsible as those who gave these resources to finance the flight of foreign currencies into a troubled economy”.
?? I do not come to deny capitalism; I come to raise my voice against those who have subjected the capitalism of production and work to the logic of financial speculation, ?? Fernández went on to ask the G20 to get involved in the task of achieving social ethics [which] give content to the economy. ??
Fernández joined other leaders in highlighting the stark differences between countries regarding COVID-19 vaccination. ?? Almost 80 percent of the vaccines produced have been applied in high-income countries. On the other hand, over 60 percent of the population in our region has not yet completed their immunization schedule, ?? he said.
?? This sad panorama becomes evident when the mobility of people is restricted according to the vaccine to which they could have access, ?? he elaborated.
Fernández also addressed the issue of poverty and global inequalities in a world where the “great majority”? millions of men and women living in poverty live in developing countries.
Before his appearance at the G20 summit, Fernández had met with IMF director Kristalina Georgieva to discuss Argentina’s debt.
“We had a good meeting with the president. We talked about the economic situation in Argentina. Our economic teams have come together to advance our relationship, ?? Georgieva said.
Argentine Economy Minister Martín Guzmán agreed: “It was a constructive meeting, during which we continue to seek to establish agreements,” he said.
Fernández told Georgieva Argentina needed an extended period to repay its debt.