NEW YORK (Reuters), A former representative of the International Monetary Fund claimed that Argentina has “not been going to pay” for the Fund, and that any agreement between the two countries will be a “temporary Band-Aid”, which will delay a South American bank crisis.

“Argentina will not pay the IMF. Argentina is not going to do good macro-micro institutional policies,” said Alejandro Werner, who was the head of the IMF’s Western Hemisphere Department for nearly a decade before he left in August.

Argentina is in negotiations to create a new program that will replace the failed 2018 one. This left Argentina as the Fund’s biggest debtor, with $45 billion of payments due. Payments of nearly $19 billion will be due in the next year if the existing deal isn’t modified.

Speaking at an event about the economic future in Latin America, the Official Monetary Institutions Forum hosted on Thursday, Werner stated that “we’re exaggerating the IMF program because it’s only going to be temporary to keep the expectations and delay bank run for four months.” This is how it will all play out. Just look at the guys. What can you expect from this government?

Werner was at IMF earlier this year. Werner said that there were significant disagreements among President Alberto Fernandez’s political allies about which direction they should give their economic policy. Werner also spoke out against the Fund’s negotiation.

“The best thing with an IMF program we’ll have four months in which they will pass one review and that’s kind of it,” Werner said on Thursday.

“We will go back into arrears, or quasi-arrears. “It’s not going the be an instrument of good policies. It isn’t going to affect flows.

Neither IMF nor the Argentine Government immediately replied to our requests for comment.

A source from Argentina’s government said that it was strange for a former IMF official to make such comments so quickly after leaving the Fund.

According to Refinitiv data, Argentine dollar denominated bonds trade marginally lower than usual on Friday. The prices were in deep trouble territory and ranged between 31-36 cents per USD.