Argentina Sets Sights on IMF Deferment amid Outbreak

In the wake of the global COVID-19 outbreak, nations the world over are feeling strain as their economies grind to a halt. Chief among the factors affecting the fiscal slowdown are quarantines, which have frozen consumer demand, and a massive drop in travel.

Seemingly overnight, the world is now facing a looming economic crisis that very well may dwarf the “great recession” of 2008. While monetary pain will be inflicted across the globe, countries with outstanding debt seem to be the most poised to suffer from a fallout.

The Latin American heavyweight is currently feeling the weight of $311 billion of debt, much of which is owed to the IMF. The most recent loan from the international organization, negotiated under former center-right president Mauricio Macri, totaled $56 billion — the largest in the fund’s history.

This agreement comes more than a month after IMF officials visited the capital city of Buenos Aires for discussions about the country’s outstanding debt.

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