Diplomacy
Argentina and the IMF: Negotiations begin for a new $44bn agreement

Argentina is pursuing a new agreement with the International Monetary Fund (IMF) to replace its current $44 billion arrangement. The effort signals a significant shift in the country’s financial strategy under President Javier Milei’s administration.
IMF Chief Spokesperson Julie Kozack confirmed on Thursday that the Milei government is prioritizing the establishment of a new programme over completing the final reviews of the existing deal inherited from the previous administration. According to a Bloomberg report, Kozack stated, “The authorities have formally expressed their desire to move to a new programme, and negotiations are now underway.”
The discussions intensified following a visit earlier this month by officials from Economy Minister Luis Caputo’s office and the central bank to Washington, where they engaged with IMF representatives.
The central question in the negotiations revolves around whether the IMF will extend additional financing beyond the $44 billion already allocated to Argentina. Milei had previously suggested an additional $15 billion, although he has not reiterated this figure recently. However, Caputo indicated this week that new funding could be included as part of the prospective programme.
If the parties reach an agreement, it would mark Argentina’s 23rd programme with the IMF since 1958 and its third since 2018. Historically, the IMF’s interventions in Argentina have faced criticism, as many past agreements failed to stabilize the economy. Successive governments often violated programme objectives, raising doubts about the effectiveness of IMF support in the country.
President Milei and his chief negotiator, Caputo, have a history of strained relations with the IMF. Earlier this year, Milei publicly criticized Rodrigo Valdes, one of the IMF’s senior officials, leading to Valdes stepping back from negotiations. Similarly, Caputo clashed with the IMF during his tenure as finance minister in 2018, particularly over exchange rate policies, which eventually prompted his resignation after a short stint as central bank governor.
Despite these tensions, the IMF has commended the Milei administration for implementing measures to cut spending, reduce inflation, and narrow gaps between the country’s various exchange rates.
Diplomacy
Iranian foreign minister travels to Moscow for Putin talks after US strikes

Iranian Foreign Minister Abbas Araghchi has traveled to Moscow to meet with Russian President Vladimir Putin following US attacks on nuclear facilities in Iran.
Araghchi warned that the aggression by the US and Israel will have serious consequences not only for the Middle East but for the entire world.
Scheduled to meet with President Putin on Monday, Araghchi stated upon his arrival in Moscow that the US attack calls the Treaty on the Non-Proliferation of Nuclear Weapons (NPT) into question and will have negative implications for international security.
“The US attack on Iran’s nuclear facilities has cast doubt on the NPT, shaken the non-proliferation regime, and will have adverse consequences for international security,” Araghchi remarked. “This is a concern now being voiced by many countries.”
On June 22, Russian Foreign Ministry Spokesperson Maria Zakharova confirmed to Sputnik that Araghchi had arrived in Moscow for talks with the Russian administration.
‘Silence on aggression will have consequences’
In a phone call with his French counterpart, Jean-Noël Barrot, Araghchi issued a warning to the international community. “The silence and inaction of the international community in the face of this aggression will have far-reaching consequences for all nations,” the Iranian minister said.
Araghchi emphasized that the actions of the US violate all norms of international law, including the United Nations (UN) Charter.
He asserted that the attacks by Israel and the US can only be described as “aggression,” while the Islamic Republic is acting within the framework of legitimate self-defense.
US attacks and international reactions
Early on Sunday, the US announced it had struck three Iranian nuclear facilities in Natanz, Fordo, and Isfahan. Following the attack, US President Donald Trump stated that Tehran “must agree to end this war, or it will face much more serious consequences.” While Trump later claimed the nuclear facilities were completely destroyed, Iranian military officials declared the US attacks were entirely ineffective and threatened a harsh response.
The US strikes drew widespread international condemnation. UN Secretary-General Antonio Guterres described the attacks as a dangerous escalation and a threat to global peace. Russia strongly condemned the strikes as a grave violation of international law, the UN Charter, and UN Security Council resolutions, calling on the International Atomic Energy Agency (IAEA) to provide an impartial response.
Cooperation with Russia against common threats
Before his visit to Moscow, Araghchi stated that Iran and Russia share common concerns and adversaries.
“We appreciate the Russian Federation’s stance in condemning the attack in the strongest terms,” Araghchi posted on Telegram, noting that the special circumstances in the region necessitate a closer relationship between the two countries.
“We have always had common concerns, common worries, and common enemies with Russia,” the minister added. “We have always shared common beliefs and held close consultations to counter mutual challenges and threats. This is precisely what will be done in the meeting with the Russian President on Monday.”
Iran denies that its nuclear program has a military dimension. On June 18, IAEA Director General Rafael Grossi stated that the agency has not seen any credible evidence that Iran has an active nuclear weapons program.
According to a CNN report on June 17, citing sources familiar with the matter, US intelligence assessments have reached a similar conclusion, indicating that Iran is not actively pursuing nuclear weapons.
Diplomacy
Citigroup warns oil could hit $90 if Strait of Hormuz is closed

According to Citigroup, the closure of the Strait of Hormuz could cause Brent crude oil prices to soar to as high as $90 per barrel. However, the company also argued that a prolonged shutdown of this critical waterway is unlikely.
Analysts, including Anthony Yuen and Eric Lee, referenced the bank’s current optimistic scenario, stating, “The closure of the strait could lead to a sharp increase in prices. However, we believe the process would be brief, not lasting several months, as all efforts would be focused on reopening it.”
The Strait of Hormuz is a narrow waterway at the entrance of the Persian Gulf. Approximately one-fifth of the world’s daily oil production, including from leading OPEC producers Saudi Arabia and Iraq, passes through it.
Citigroup estimates that a disruption could interrupt the flow of about 3 million barrels of oil per day for several months.
According to Citigroup, any interruption in Iran’s crude oil exports might have less of an impact on prices than anticipated. The bank noted that the country’s shipments have already decreased, with Chinese refineries purchasing less.
Brent futures are currently trading at around $77 per barrel.
Diplomacy
NATO chief introduces ‘DOGE’-style reforms ahead of Trump summit

NATO Secretary General Mark Rutte has begun to reduce employment within the alliance as part of a major restructuring effort.
Rutte, who took office as NATO chief last October, plans to eliminate two divisions at the Brussels headquarters and cut dozens of positions.
“He is basically DOGE-ing NATO,” said an alliance official, referring to the radical downsizing initiative in the US federal government led by Elon Musk earlier this year.
This previously unreported restructuring comes ahead of a critical summit in The Hague, which begins on Tuesday and will be attended by US President Donald Trump, amid widespread concerns that the NATO-skeptic president might one day withdraw from the military alliance.
The reforms are taking place in a complex geopolitical and defense environment, with wars shaking Ukraine and the Middle East, and warnings from the Trump administration that the US may take a backseat in Europe’s security in the future.
When Rutte took over from Jens Stoltenberg after his ten-year tenure last year, he announced in his first speech that there was “work to be done” to improve NATO. “My task is to ensure that our alliance continues to adapt to a more complex world,” he said.
The former Dutch prime minister wasted no time in restructuring the alliance’s bureaucracy.
In recent months, he has held two internal meetings with his staff, announcing a series of changes, including reducing NATO’s international staff divisions from eight to six.
The divisions to be eliminated are the Public Diplomacy Division, which serves as NATO’s press service, and the Executive Management Division, the alliance’s human resources department.
The functions of these divisions will largely be taken over by other departments. However, the assistant secretaries general, who are division heads appointed by the secretary general after consulting with member countries, will no longer continue in their roles, a directly knowledgeable official confirmed to POLITICO.
The Assistant Secretary General for Public Diplomacy, Marie-Doha Besancenot of France, left her post in March and has not been replaced. The head of the Executive Management Division, Carlo Borghini of Italy, will also be leaving his position.
Another official told POLITICO that dozens of positions will be eliminated as part of the restructuring, but added that the cuts do not “seem very high” and that new staff will be hired.
“This is something that happens when a new secretary general comes in,” a former senior NATO official told POLITICO about Rutte’s plans to restructure the alliance.
The former senior official said Rutte’s reform is not as reckless as Musk’s infamous Department of Government Efficiency (DOGE) initiative, which resulted in the dismissal of American federal employees with almost no warning and the shutdown of US agencies.
“This is being done by insiders who really understand the priorities, the existing structures, and the processes. That’s why it’s a much more long-term and deliberate process than DOGE,” the official said.
NATO is headquartered in Brussels and employs approximately 4,000 people, including about 1,500 international staff for whom Rutte is responsible.
Most are temporary workers or “temporary staff”—typically younger, junior personnel on short-term, six-month contracts. Two current officials told POLITICO there has been a distinct shift toward reducing the number of temporary positions and making more roles permanent.
“It’s hard to ensure consistency if you go from temporary job to temporary job,” said the former senior NATO official, adding that discussions about high turnover and reducing reliance on short-term staff began before Rutte’s tenure.
“They are incredibly talented and dedicated people, and I hope that because of their experience and the fact that they already have security clearance, they will have the chance to apply for suitable contract positions,” the former official added.
Speaking on behalf of the alliance, a senior NATO official said regarding the staff cuts, “Secretary General Rutte is committed to an effective and efficient NATO,” and “he has initiated a restructuring process to optimize the operations of NATO headquarters.”
“The restructuring process, which has also taken into account the views of the staff and has been approved by the allies, is ongoing,” the official added.
-
Middle East3 days ago
US to launch major bombing campaign against Iran this weekend, Hersh reports
-
Diplomacy1 week ago
Former diplomat warns forcing Iran out of the NPT is the greatest danger
-
Middle East6 days ago
Iran targets Mossad and Unit 8200 in missile attack on Tel Aviv
-
Middle East2 weeks ago
Netanyahu’s government survives no-confidence vote as Haredi crisis is delayed
-
Diplomacy1 week ago
Former CIA analyst says Israel used ceasefire talks as a trap
-
Asia2 weeks ago
Japan, US showcase B-52 bombers in nuclear deterrence dialogue
-
Middle East1 week ago
Iranian missile attack causes heavy damage across Israel
-
Diplomacy1 week ago
Chinese academic analyzes Israel-Iran conflict for Harici: Iran holds strategic importance for China