The government received another strong show of support from the international community regarding its decision to negotiate a stand by agreement with the IMF. This time, it came from US President Donald Trump, who called Macri at 10 AM Argentina time to do just that. According to a release issued by Presidencia de la Nación, the conversation lasted ten minutes, during which Macri thanked Trump for the support of the US’s Treasury Undersecretary for International Affairs, David Malpass, in the meeting he had with Argentine Treasury Minister Nicolás Dujovne in his visit to Washington last week. And Trump “ratified his support for the conversations with the fund.”
The release indicates that “the heads of state also dialogued about relevant issues of the global agenda such as the G20, North Korea, and the situation in Venezuela.”
Ever since it began the negotiations last week, the government has garnered support from other world players such as China, Spain, Japan, and Brazil. Besides increasing the credibility of the government’s decision, this support has practical effects: at the time of approving negotiations, the IMF uses a voting system by which every member country has a number of votes that is proportional to the amount of money it contributes to the Fund. Between China (6.09 percent), Japan (6.15 percent) and the US (16.52 perecent), Argentina would have 28.76 percent of the votes in the bag.
In fact, the fund issued a press release this morning indicating that “IMF staff are continuing discussions with the Argentine authorities toward a Fund-supported program,” their shared goal being to “reach a rapid conclusion of these discussions.” “An IMF Board meeting on Argentina is scheduled for Friday, May 18. This will be an informal meeting, as part of our usual process of briefing the Board on negotiations for high access IMF programs,” reads the release.