By Andrea Shalal

WASHINGTON, (Reuters) – The International Monetary Fund has been in “clear-eyed”, according to Gerry Rice of the IMF. He said that the IMF and the Argentine government were aware of the extremely high risk facing Argentina’s economy.

Rice stated to reporters that Argentina was regaining its economy faster than anticipated after three years in recession and high inflation. However, it also had to deal with the shock of the war in Ukraine and was left vulnerable.

He said that it was not surprising that risks are high to the Argentine economic and program. He also stated that IMF will work closely with Argentine officials to make sure the program is implemented successfully.

Last week, the IMF’s executive board approved a $44 billion new financing program. However, it warned that there are “exceptionally high” risk.

This is Argentina’s 22nd IMF Program and it comes after over a year-long negotiation process. It replaces the 2018 failed $57billion program, for which Argentina still owes $40 billion.

Rice claimed that the IMF approved Rice’s program for its pragmatic and realistic objectives. It also included credible policies and strategies to strengthen Argentina’s macroeconomic stability.

According to him, implementation is now the most important thing.

Rice stated that, paraphrasing Winston Churchill’s words, Rice was referring to the point where we have reached the end of the process. Rice stated, “Now is all about the implementation of these goals so they can be attained.”

Rice stated that while the IMF recognized the risks, it was determined to work closely with Argentine authorities in order to implement the program successfully.

He said, “It is in our mutual interest to have a programme that can be owned… successfully implemented by Argentine officials.”