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An example of IMF's support for a dictatorship was its ongoing support for Mobutu's rule in Zaire, although its own envoy Erwin Blumenthal provided a sobering report about the entrenched corruption and embezzlement and the inability of the country to pay back any loans. [171] In 2021, the IMF approved a US$1 billion loan to the autocratic ...
In 1981, in order to pay its due debts, Romania requested the International Monetary Fund a line of credit [1] and adopted a policy to pay back all its debt. [3] The decision to repay the debt has been considered irrational, as other developing countries that were hit by the same problem were able to obtain debt rescheduling or "haircuts".
However, in 2006 under the leadership of Néstor Kirchner, Argentina was able to pay off its debts, thus escaping IMF program conditionality. In 2016 under the leadership of Mauricio Macri relations between the IMF and Argentina were reestablished [5] due to the continuous decline of the country's GDP, leading to the 2018 arrangement.
LONDON (Reuters) -Argentina plans to tap a $7.5 billion disbursement from the International Monetary Fund to repay China part of the money it borrowed through a currency swap line, two sources ...
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A sovereign default is the failure or refusal of the government of a sovereign state to pay back its debt in full when due. Cessation of due payments (or receivables) may either be accompanied by that government's formal declaration that it will not pay (or only partially pay) its debts (repudiation), or it may be unannounced.
The IMF deal follows the completion of its review of Argentina's compliance record and confirms the next $792 million payment will become available to the government in June, reassuring markets ...
The reason why there is more debt than money in circulation can be explained by the creation of credit money. When a bank issues a loan, it creates credit money and debt at the same time. The total debt in society and the total money in circulation are both increased by the same amount, which is the principal of the loan.