Milei launched harsh criticisms against Rodrigo Valdés, who is responsible for IMF negotiations with Argentina. The president sharply criticized a rep
Milei launched harsh criticisms against Rodrigo Valdés, who is responsible for IMF negotiations with Argentina. The president sharply criticized a report written by the former Chilean minister that recommends Argentina devalue and lift currency controls.
Is a new chapter opening in the previously close relationship between the International Monetary Fund (IMF) and Argentina?
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This is the big question that dominated Tuesday’s discussions, especially after President Javier Milei launched scathing criticisms from Prague against Rodrigo Valdés, the Chilean economist who has led the IMF’s Western Hemisphere Department since May 2023.
In a radio interview with an Argentine media outlet, Milei asserted that Valdés “turned a blind eye” to the mounting liabilities accumulated at the Central Bank during Alberto Fernández’s administration, attributing it to Valdés’ “ties to the São Paulo Forum,” a coalition of left-wing political parties.
When pressed to clarify whom he was referring to, Milei remarked, “He was a minister under a president who belongs to the São Paulo Forum,” hinting at the former Finance Minister under President Michelle Bachelet.
What sparked his ire? The release of a 100-page report known as the Staff Level Agreement, authored by Valdés, who also oversees Argentina’s case and negotiations regarding a $44 billion loan to Argentina.
The document, published a week ago, advises Argentina’s Economy Minister, Luis Caputo, to devalue the currency and remove currency controls, using Uruguay and Peru as examples where the Central Bank plays a crucial role in the economy, rather than being eliminated.
For the libertarian president, this is not an option. He insisted that Argentina does not need to devalue by 30% and stated, “Lifting the currency controls is about completing the Central Bank’s balance sheet cleanup.”
When asked when this might happen, he replied, “Only time will tell.”
Milei’s remarks resonated widely in the media, as he singled out Valdés and labeled him a “populist from the São Paulo Forum.”
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