At the Ibero-American Summit, Alberto Fernández charged against the International Monetary Fund and accused it of charging 'abusive' rates

President Alberto Fernández charged hard against the International Monetary Fund (IMF) and in the framework of the Ibero-American Summit accused the organization of charging fees and surcharges that are "abusive".

"The rates and surcharges that the International Monetary Fund imposes on indebted countries are abusive. This reality collides with that financial architecture that I already question," said the head of state in a section of his message.

In this context, the President also said that "it is necessary to increase the transparency of international financial organizations and advocate for greater access to credit facilities in order to promote growth and development rather than speculation."

Likewise, Fernández also demanded "drastic changes to the financial system", after warning that "globalization is in crisis and appears to be fragile" and "financial capitalism shakes the economy".

"At this point in time, with so much financial concentration, with so much speculative play, we should already understand that the current financial system does not have to be helped anymore. We must drastically change it," he emphasized during the meeting in which presidents and heads of state participated from 22 countries. 

He also highlighted the need to "restore the unity" of Ibero-America, after experiencing "a process of tremendous regional disintegration" while Donald Trump ruled the United States (2017-2021).

"If we want a fair and sustainable Ibero-America, the first step we must take is to restore unity. A unity that does not allow economic blockades that affect the peoples of the region to continue. A necessary unity to preserve common interests in which we must respect ideological diversity in strong democracies where human rights are respected," he said in his speech.

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