IMF chief says ‘I don’t worry about Argentina’ despite 33.5% inflation

International Monetary Fund managing director Kristalina Georgieva said on Monday that she did not worry about Argentina, praising its economy as “much sounder” under President Javier Milei despite annual inflation of 33.5 percent.

Speaking at a joint press conference with Economy Minister Luis Caputo, Georgieva said that “by all indicators” Argentina’s economic position was much stronger than when Milei took office in 2023.

She attributed the improvement to the government’s work and “the sacrifice of the Argentine people”.

“I don’t worry about Argentina,” Georgieva said.

Milei campaigned on cutting public spending and reducing inflation. His austerity measures have proved deeply unpopular and prompted frequent demonstrations.

Protesters gathered in Buenos Aires on Monday to give Georgieva what organisers described as an “unwelcome” reception.

IMF spokesperson Julie Kozack said the visit provided “an opportune time” to assess progress under the lender’s current programme with Argentina.

During her two-day trip, Georgieva was due to meet Milei, Central Bank chief Santiago Bausili and representatives from business and academia.

Argentina, the IMF’s largest debtor, agreed a four-year, $20 billion extended fund facility with the lender in 2025.

The IMF approved a $1 billion payment under the programme in May.

Georgieva’s visit came as Argentina reported mixed economic figures.

Inflation has declined for three consecutive months but remains at 33.5 percent year-on-year.

Economic growth was 0.2 percent from a year earlier, below the IMF’s 3.5 percent forecast for 2026.

Mortgage defaults have tripled over the past year to 12.8 percent, their highest level in 20 years.

Georgieva was expected to visit Vaca Muerta, a major oil and gas production site about 1,200 kilometres from Buenos Aires, on Tuesday.

She was then expected to travel to Uruguay to meet President Yamandu Orsi.