Thousands of people protest in Argentina against International Monetary Fund loan

Buenos Aires: – Repercussions of the agreement signed by Argentine President Alberto Fernandez with the International Monetary Fund (IMF) for loans worth billions of dollars are being felt in the Argentine capital Buenos Aires. Thousands of people are protesting against this loan agreement with the IMF. The protestors demanded that they do not want a loan on conditions set out by the IMF.

Last month, the Argentine government successfully negotiated a loan for $44 billion with the IMF. President Fernandez had prepared to repay the outstanding old loans with this fresh borrowing. The agreement was to reach its final stages in the next few days. But more than 200 small and big organisations and the opposition parties from Argentina announced major protests against the Fernandez government on Tuesday.

The leftist parties and their supporters participated in these protests in large numbers. The protestors shouted slogans against the government, displaying banners that read ‘No agreement with IMF. No repayment of foreign loans.’ The protestors asked, ‘Why should the people of the country pay for the corruption of the previous governments?’

Myriam Bregman, leader of the Workers’ Leftist Front (FIT), made vitriolic criticism, ‘The loans taken from the IMF in 1983 and the agreements relating to that have created anarchy in Argentina. Argentina was forced to change its policy because inflation and social crisis have increased.’

As per some groups, President Fernandez should spend the money for Argentinian people and not repay loans from foreign countries and organisations. There is opposition to this agreement with the IMF even from within the government. A few days ago, a leader from the Fernandez government had resigned. The criticism against the Fernandez government increased after that.

The international debt burden is increasing on Argentina. The Fernandez government is under pressure to repay these loans and the government is trying to seek more loans for this repayment. At the same time, the Fernandez government has made preparations to join the ambitious Chinese ‘Belt and Road Initiative’. Some groups from Argentina are expressing concerns even over this decision.