According to the Congressional Research Service (CRS), the International Monetary Fund’s Total Resources amount to” $661 billion in quota; $693 billion of additional pledged or committed resources.” The U.S. Financial Commitment to that quota amounts to $115 billion, and $39 billion to supplemental funds.
In other words, U.S. taxpayers are funding about 17.46% of the IMF’s loans to their “Largest Borrowers:Argentina, Ukraine, Greece, and Egypt.”
U.S. taxpayers therefore funded about $9.8 billion of the IMF’s $56 billion loan to economic basket case Argentina in 2018. That money is now, as they say, “down the drain.”
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ZeroHedge, Feb 19, 2020 – Excerpts:
Back in the summer of 2018, when the IMF handed Argentina an unprecedented $56 billion bailout loan, the largest in IMF history, some warned that this is a case of deja vu similar to the 2001/2002 precedent when Argentina eventually defaulted on its foreign creditors, while humiliating the IMF which had signed off on Argentina’s economic policies that ended up in bankruptcy court. The IMF, however, was confident that this time would be different, and rushed – under now-ECB head Christine Lagarde – to hand to Argentina the greatest amount of money the IMF had ever disbursed to a struggling nation.
It turned out that this time wasn’t different, and after completing a week of meetings in Argentine, the IMF – which so generously handed out other people’s money to prop up the crumbling, corrupt Latin American nation less than two years aqo – finally threw in the towel and admitted that Argentina’s debt load is unsustainable, paving the way for the government to ask private bondholders to take on losses as it prepares to renegotiate its obligations.
The last time IMF officials commented on Argentina’s debt was in the fourth review of the credit line in July 2019, when they called it “sustainable, but not with a high probability.”
[snip]
South America’s second-largest nation owes over $38.7 billion to bondholders just this year, and payments peak in May. There is no way it can make those payments without magic.
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