Argentina’s Economy Minister and presidential candidate, Sergio Massa, warned that his country’s inflation would increase due to the devaluation that the International Monetary Fund (IMF) asked of Argentina.
“The imposition made by the Fund within the program demanding that Argentina devalue has an inflationary impact,” Massa said at a press conference in Washington.
Massa pointed to the devaluation of 22% of the official exchange rate established by the government, at the request of the IMF, after the primaries of August 13, in which the libertarian Javier Milei emerged as the most-voted candidate.
With year-on-year inflation of 113.4%, August’s monthly price increase is expected to exceed double digits.
“There will be damage to people’s pockets, which the government will strive to correct with measures that will be published in the coming days so that inflation returns to more acceptable levels in September and October,” Argentina’s Economy Minister stated.
Massa arrived in the U.S. capital on Tuesday for several meetings, including a meeting on Wednesday with IMF Managing Director Kristalina Georgieva.
