page_title: Argentina and the International Monetary Fund
section_title: 2001 Economic Crisis in Argentina
hierarchical_section_title: Argentina and the International Monetary Fund / 2001 Economic Crisis in Argentina
caption_attribution_description: Español: Adolfo Rodríguez Saá.
context_page_description: Argentina joined the International Monetary Fund on September 20, 1956 and has since participated in 21 IMF Arrangements. The first Stand-By Arrangement began on December 2, 1958, and the most recent Stand-By Arrangement began on June 20, 2018, and will expire on June 19, 2021. The most recent arrangement approved Argentina to borrow SDR 40,714.00 million, of which Argentina has borrowed SDR 31,913.71 million as of December 10, 2019. Over the past 63 years, Argentina has frequently used the resources of the IMF and holds the record for the largest loan distributed, reaching nearly $57 billion in 2018. However, in 2006 under the leadership of Néstor Kirchner, Argentina was able to pay off its debts, thus escaping Article IV IMF surveillance. In 2016 under the leadership of Mauricio Macri relations between the IMF and Argentina were reestablished due to the continuous decline of the country's GDP, leading to the 2018 arrangement.
context_section_description: November 30th marks the beginning of the 2001 economic crisis in Argentina caused by the rising fear at how rapidly the Argentinian peso was being devalued. This crisis was caused in part by the extensive borrowing Argentina implemented during the presidency of Carlos Menem, and the governments dwindling tax revenue. On December 5th, 2001 the IMF made an announcement that they would no longer provide aid due to Argentina's inability to meet the conditionality set by the IMF to receive loans. President Aldolfo Rodriguez Saá resigned shortly after the announcement of Argentina’s default.
caption: President Aldolfo Rodriguez Saá
exif: {"Image Orientation": "Horizontal (normal)", "Image XResolution": "300", "Image YResolution": "300", "Image ResolutionUnit": "Pixels/Inch", "Image Software": "Adobe Photoshop CS3 Windows", "Image DateTime": "2011:01:16 12:20:46", "Image ExifOffset": "164", "Thumbnail Compression": "JPEG (old-style)", "Thumbnail XResolution": "72", "Thumbnail YResolution": "72", "Thumbnail ResolutionUnit": "Pixels/Inch", "Thumbnail JPEGInterchangeFormat": "302", "Thumbnail JPEGInterchangeFormatLength": "8966", "EXIF ColorSpace": "Uncalibrated", "EXIF ExifImageWidth": "389", "EXIF ExifImageLength": "337"}