Lastly, Argentina has lacked access to voluntary external financing since 2018. In June 2018, the Macri Administration signed a three-year standby agreement with the International Monetary Fund (IMF) for USD 50 billion, which was subsequently increased to USD 57 billion in September 2018. Disbursements were of USD 44 billion, with repayments falling due between 2021 and 2024. The program with the IMF was suspended after the 2019 elections, and in November 2020 the Fernández Administration initiated negotiations for a new agreement (IDB, 2021). These negotiations are underway at this writing, along with negotiations with the Paris Club. As expressed by the IDB (2021), the restructuring of both foreign-law and local-law sovereign debt was completed in September 2020, and progress was made toward consolidating the market for domestic debt. Restructuring of the short-term domestic debt was undertaken by the Macri Administration in November 2019, after which the current government launched a process to restructure the external debt in March 2020. The consolidated public debt was estimated at 102.8% of GDP at the end of 2020, 79.9% of which was U.S. dollar-denominated. Debt to public sector agencies represented 40% of the gross federal government debt, with multilateral and bilateral organizations accounting for 22.7% and the private sector for the remaining 37.3%. (Argentine Ministry of Economy, n.d.) The Argentine proposal presented in August was accepted by 99% of debtholders, leading to the restructuring of USD 66 billion. Although the agreement provided for only a minimal principal reduction of around 1.9%, it postponed short-term debt maturities and significantly reduced interest payments. The government also restructured a total of USD 41,715 million in local-law foreign currency debt on similar terms. Thus, Argentina faces a complex panorama with the need to focus on assisting and protecting groups in vulnerable situations which are affected by the pandemic, and on stabilizing the macroeconomic environment in a context of deterioration of social and economic indicators (poverty, unemployment, governmental deficit and inflation all growing) and of negotiations for debt restructuration. In parallel, there is a need to strengthen the health and education systems and enhance the country’s science and technology capabilities. Historically, the multilateral development banks with the greatest presence and financing in Argentina were those considered “traditional” institutions operating in the LAC region. That is, the World Bank, the IDB, the International Finance Corporation (IFC), the Inter-American Investment Corporation (IIC, currently IDB Invest) and the IMF, in the first place. And secondly, banks such as the Development Bank for Latin America (CAF) or FONPLATA. In more recent times, the roster of banks that finance development projects in the country has diversified and currently includes a range of actors such as the Dutch Entrepreneurial Development Bank (FMO), the Central American Bank for Economic Integration (CABEI), the European Investment Bank (EIB), the Development Bank of China (CDB), and the United States International Development Finance Corporation (DFC), among others. Nonetheless, the IDB Group still remains Argentina’s main multilateral partner. Sovereignguaranteed financing from the IDB Group accounts for 18.6% of the multilateral financing received by Argentina, which, in turn, represents more than 20% of the Gross National Debt. In comparison, financing from the IMF, World Bank Group, and Development Bank for Latin America account for 64.9%, 10.5%, and 5.4%, respectively (IDB, 2021). MAIN POLICY MEASURES IMPLEMENTED BY ARGENTINA TO FACE THE COVID-19 PANDEMIC The first confirmed COVID-19 case in Argentina was reported on March 3, 2020, and in order to prevent a rapid growth in infections, the government implemented a full closure of borders and a nation-wide quarantine, beginning on March 20, 2020. According to the IMF (n.d.-b) the pandemic and the containment measures had a significant economic impact, with a GDP contraction of around 10 percent in 2020. In May 2020, the government first announced a gradual reopening 07 DFIs FINANCING IN ARGENTINA DURING THE PANDEMIC: COVID-19 PROJECTS AND TRANSPARENCY SHORTCOMINGS