Conway (2004) stated that:
In a report published by its independent evaluation office, the IMF said it ought to have prevented the Argentine government from following poor economic policies. IMF surveillance failed to highlight the growing vulnerabilities in the authorities' choice of policies and the IMF erred by supporting inadequate policies too long. The financial meltdown that reached a climax in 2001, causing the country to default on $132 billion of foreign debt, was worsened by the government's vain attempts to maintain the Argentine peso's peg against the dollar. The IMF ploughed money into the country to help it sustain the peg, pledging an extra $22 billion as late as the end of 2000 …show more content…
Real wages fell 35 percent, while about 60 percent of the population ended up living below the poverty line. The IMF compounded the debt problem by making new loans which the Argentina government could not be expected to repay since the country was by then in the midst of a severe