New Delhi, April 14 -- The International Monetary Fund (IMF) has approved yet another loan to Argentina, [worth $20 billion], with the nod of its executive board. But in disbursing the loan under current conditions, the IMF would violate its own lending rules, and doing so would pose risks to multilateralism and hurt Argentinians.

Argentina is the IMF's largest debtor, accounting for about 37% of its total outstanding credits: 31.1 billion special drawing rights out of 84.2 billion and 28% of the total approved credit of 110 billion. In 2018, the IMF approved a $57 billion loan to Argentina, its largest ever to a single country, nearly $45 billion of which was disbursed. But the financing stopped after President Mauricio Macri lost his r...