After publicly endorsing Javier Milei’s economic achievements since coming to power in December 2023, the IMF has approved a new Argentine bailout package of $20 billion. This comes seven years after former President Mauricio Macri negotiated a $45 billion loan in 2018, of which not a single dollar has yet been repaid. Milei’s reforms, in turn, have deepened the country’s cycle of debt dependency in an increasingly unstable global context.