DAVOS: Guido Sandleris, president of the Central Bank of Argentina, says the country is “much better prepared” for the challenge of a slowdown in global trade and the rise in interest rates in major economies, following its recession.
Speaking at the World Economic Forum, Sandleris said Argentina had previously not been strong enough to cope with those twin challenges amid high inflation at home and big fiscal and trade deficits. As a result, President Mauricio Macri negotiated a $56 billion stand-by financing facility with the International Monetary Fund.
Though the deficits are heading in the right direction, Sandleris said inflation remains too high.
Sandleris defended the government's belt-tightening measures and said protests in the country are more to do with the recession — the economy is expected to shrink further this year — than any anger against the IMF.