The International Monetary Fund has expressed criticism regarding the management of anti-corruption policies by President Javier Milei’s government, particularly highlighting the leniency in overseeing officials’ asset declarations. This marks the first instance in which the multilateral lender has articulated its position in such severe terms, at least since Argentina resumed borrowing from the IMF in 2018. The concerns are encapsulated in the second review of Article IV, which sanctioned a disbursement of US$1.05 billion to the country last month – funds allocated notwithstanding the government’s repeated failure to meet Central Bank reserve targets. The IMF, under the leadership of Kristalina Georgieva, identified the battle against corruption as one of the “outstanding challenges” confronting Argentina. It observes that the nation “scored 36 out of 100 in the Corruption Perception Index for 2025 as reported by Transparency International, while the US Investment Climate Statement and other indicators highlight ongoing challenges.” The Fund’s concerns are elaborated upon in Box 9, which assesses “recent progress” in the battle against corruption. “Preventive anticorruption frameworks require enhancement, particularly in asset declaration systems that exhibit limited verification, insufficient transparency, delayed publication, and inconsistent enforcement. Conflict of interest rules remain constrained by porous rules and weak enforcement capacity,” reads the IMF assessment. “Perceived limited judicial independence and politicisation remain concerns, as international assessments and domestic observers continue to point to delays in high-profile cases and limited accountability for senior officials, underscoring the need to strengthen prosecutorial independence and judicial transparency,” it concludes.
Throughout the report’s 136 pages, the term “corruption” appears a total of 16 times. The remarks represent a notable escalation in tone for the Fund, employing language that has not been observed during the tenures of Martín Guzmán, Silvina Batakis, or Sergio Massa, the officials who managed the Economy Ministry under ex-president Alberto Fernández’s administration from 2019 to 2023. Nor were such words employed during the tenure of Mauricio Macri in the Executive branch, where from 2015 to 2019, Luis ‘Toto’ Caputo, Nicolás Dujovne (who collaborated with ‘Toto’ in a divided ministry), and Hernán Lacunza engaged in discussions with the IMF. The administration of Fernández, Milei’s predecessor in office, faced criticism from IMF officials on various fronts; however, corruption was notably absent from their concerns. A 2022 Fund report emphasised that “strong efforts [are] underway to improve governance, financial integrity, and transparency frameworks to ensure compliance with international standards and support anti-corruption” policies. In 2018, the IMF adopted a Framework for Enhanced Engagement on Governance, which enables it to evaluate the potential impacts of corruption or institutional weaknesses on a nation’s economy. Since then, an analytical section has been incorporated for each nation. Former Argentine ministers who engaged directly with the Fund clarified to Perfil that the remarks were atypical. “What they have written now has never happened before,” said one source.
Some consulted by this media outlet indicated that during their tenures, transparency was unequivocally assured. The current document specifically mentions asset declarations, judicial independence, and the decline in the corruption perceptions index. “It is impossible not to mention it. The IMF’s reputation is at stake, having suffered a setback following the loan during the Macri period,” stated an individual with extensive experience in dealings with the Fund, who indicated that the Fund’s report serves as an attempt to apply pressure on the Milei government. The review is conducted by the technical staff. The mention is likely attributable to the positions of the member countries, who prefer not to be “associated” with Milei’s bailout – which stemmed from the political directive of US President Donald Trump. Senior sources indicated that there is no defined penalty should the Government neglect to adhere to the measures mandated by the Fund. The sole factor that could incur penalties – and possibly disrupt disbursements – would be a failure to achieve macroeconomic targets. Nevertheless, Caputo once again requested a “waiver” for the reserves target. At Suramericana Visión, the consultancy and think tank led by former economy minister Martin Guzmán, analysts observed that “the government’s refusal in 2025 to accumulate reserves (which would have meant a slower pace of disinflation and a higher exchange rate) exacerbated the inconsistency of the initial IMF programme. Thus, a more rapid accumulation and increased access to the international debt market are now necessary – conditions that will prove quite challenging to fulfil in an election year such as 2027.
The deadline for officials to submit their sworn asset declarations, originally set to expire on May 30, has been extended by the Executive to July 31. Officials now have an additional two months to finalise the forms mandated by law for submission to the Anti-Corruption Office. At the center of the political turmoil is Chief of Cabinet Manuel Adorni, who has not yet provided his financial statement in light of the scandal involving newly uncovered properties owned by him and his family that were absent from his earlier disclosures. Properties acquired by Adorni since assuming office, financed through opaque private loans, alongside the substantial expenditures he has recently undertaken, have raised concerns regarding the source of these funds. The ongoing investigation into illicit enrichment involving the official is accumulating evidence that adds complexity to the circumstances surrounding the former presidential spokesperson, who remains reticent in providing explanations regarding the issue. He stated that he is remaining silent in order “not to obstruct the work of the Judiciary.” The IMF, as indicated in the document, does not concur.