In early March, Argentina’s government came to an Agreement with the International Monetary Fund (IMF) on a $45 billion deal to shore up its shaky finances. This deal was motivated by the government’s need to pay a $2.8 billion instalment on a $57 billion IMF stand-by loan taken out under former President Mauricio Macri in 2018. This loan – the largest loan in the financial institution’s history – sharpened divides in Argentinian society. The following year, the Macri administration was ousted in elections by the center-left Frente de Todos coalition which campaigned on a sharp anti-austerity, anti-IMF program.

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