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Alejandro Werner steps down as IMF Director for the Americas

Mexican Alejandro Werner will leave his position as director of the Department for the Americas of the International Monetary Fund (IMF), the managing director of the organization, Kristalina Georgieva, reported on Wednesday.

Werner – who took office in 2013 – will retire on August 31 this year, according to the agency in a statement.

“Alejandro led the Department in challenging times and today he leaves it on a firm footing to continue the work of supporting our countries throughout the region,” Georgieva said.

During his tenure, the IMF addressed the request for a loan from the Argentine government chaired by Mauricio Macri in 2018, which marked a resumption of collaboration with that country, after years of turbulent relations.

This resulted in the largest loan in the history of the organization, for 57,000 million dollars of which the Argentine government received 44,000 million.

When Alberto Fernández took over in December 2019, Argentina waived the remainder of the loan.

But the recession that began in 2018 aggravated by the pandemic – forced the Peronist Executive to sit down and negotiate with the IMF.

Negotiations are languishing and the initial goal set by Buenos Aires of closing an agreement around May is unlikely.

According to the Argentine president, the debt “is unpayable” under the conditions in which it was agreed.

In his role as Director for the Americas, Werner also led the negotiations for emergency credits to countries in difficulty due to COVID-19, which obtained “more than 60 billion dollars in emergency financing from the IMF,” Georgieva said.

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