Within government, the most important “part” of the nation’s vote is already being counted in recent years. According to the official projections, Argentina will already receive the nearly 60% approval needed in the board of directors so that Alberto Fernandez’s strategy can pay off US $ 44.8 billion in debt before the organization is guaranteed. This level is reached by ensuring that the votes of Germany, France, Spain and other European countries are counted; He also added other major countries, unlikely to support Argentina as well. In this group we mention Russia, China and the Arab countries (especially the Arab Gulf states with a strong presence on the board of the International Monetary Fund), in addition to logically Latin America and Africa. He is also confident that guarantees from Canada and the rest of the European Union will materialize, which will increase the percentage to around 70%. Thus, only 10% more would be required for the base level in order for a proposal contrary to what the IMF’s statutes required and dictated to be approved.
Only with a minimum of 85% of guarantees can fund line technicians be authorized to apply to the country with a payment plan outside the only mechanisms authorized under the institution’s charter: reserve and extended facilities, in any of the possible variants. Since what the state proposes is to change the rules, only a vote of more than 85% can support the request, which Alberto Fernandez should sooner or later get Joe Biden’s support. Continuing the Alberti Doctrine, it is not enough with Biden, but without Biden it is not possible. If the president of the United States supports the country, it will reach 90% of the vote and, thus, the majority needed for any kind of expanded facility to be guaranteed. There will be doubts only about what Japan (6% of the vote) will do, the Nordic countries (3.43%) and other European countries, which have traditionally been reluctant to support the country (they did not do in the Macri era either).
Regarding the issue of board voting, the situation is clearly defined. Each sovereign country has a percentage of the vote according to its GDP; Reserves and direct contributions to the operation of the Washington-based agency. Any normal agreement (standby or extended facilities) is approved with a minimum of 70%; But an 85% majority is needed for special plans or amendments to the Basic Charter. More recently, this majority has been necessary in situations such as the Greek crisis of 2010 and the Portuguese crisis of 2011. The need to achieve this ratio was what played against Argentina in 2001, when the Board of Directors rejected the last committed payments. At the moment the agreement in the face of the United States’ refusal to endorse the proposal (through a direct recommendation from the second man in those years, Anne Kruger); So was the approval of the 2003 Charter when Nestor Kirchner negotiated directly with George W. Bush a quota scheme outside of existing treaties.
In the present case, it is also necessary for the North American director to agree to the request, since his vote for or against (or his abstention) will determine the fate of the Argentine proposal. In total, the Board of Directors consists of 24 executive directors who represent different levels of authority within the organization in terms of percentage. The United States, Japan, Germany, France, and the United Kingdom can elect a director without assistance from any other country. China, Saudi Arabia, and Russia, in fact, elect one director each; While the remaining 16 choose it according to the government blocs. Argentina, through local envoy Sergio Choudos, occupies the group with Bolivia, Chile, Peru, Paraguay and Uruguay.