WASHINGTON, Nov 20 — IMF Managing Director Kristalina Georgieva congratulated Argentina’s president-elect Javier Milei today and said she looked forward to working with him as his country struggles with a deep economic crisis.

"We look forward to working closely with him and his administration in the period ahead to develop and implement a strong plan to safeguard macroeconomic stability and strengthen inclusive growth for all Argentinians,” she said on X, formerly Twitter, following Milei’s election victory.

Argentina is dealing with a severe economic crisis, with inflation soaring above 100 per cent and poverty levels climbing up to 40 percent.

In 2018 it reached a US$44 billion loan agreement with the IMF, under which Argentina pledged to reduce its fiscal deficit to 0.9 per cent of GDP in 2024.

Milei, a hard-right libertarian who has drawn comparisons with Donald Trump, has pledged to slash spending among other bold moves and says the 0.9 per cent goal is not ambitious enough.

Milei has also said he wants to replace the Argentine peso with the US dollar.

During the election campaign the IMF said such a step would require careful preparation and would not eliminate the need for solid macroeconomic policies. — AFP