By decree, the President withdrew the Treasury Prosecutor's Office to favor Mauricio Macri, Luis Caputo, and Federico Sturzenegger, who are accused of “fraud against the public administration” in the investigation into the mega-loan from the International Monetary Fund. President Javier Milei signed this Thursday Decree 87/2026, whereby the national state ceases to act as a complainant in the judicial case investigating alleged irregularities in the mega-loan granted by the International Monetary Fund (IMF) in 2018. The measure, published in an evening supplement of the Official Gazette, represents a turn in favor of Mauricio Macri, Luis Caputo, Federico Sturzenegger, and other Macri officials—some of whom are members of the current government—in Case No. 3561/2019, titled “Macri, Mauricio and others/Fraudulent administration and fraud against the public administration”. Now, with the repeal, the National Treasury Prosecutor's Office must cease its criminal intervention on behalf of the state. The government justified the decision by arguing that the presiding judge, Eugenia Capuchetti, archived the case on February 2, 2026, maintaining that no crimes had been committed and that the questioned conduct was, in essence, economic policy decisions within the powers of the Executive Branch. The controversial decision by the judge, appointed by Macri himself, was appealed by prosecutor Franco Picardi. There are several complaints and judicial cases surrounding the stand-by agreement between the government of Mauricio Macri and the IMF for almost $57 billion, the largest loan in the history of the multilateral body. Perhaps one of the most resonant and well-founded was presented by the economist and president of Popular Unity, Claudio Lozano, who not only demonstrated the multiple irregularities surrounding the credit but also showed that its purpose was to finance capital flight towards the end of the Macri administration. Although the withdrawal of the state as a criminal complainant evidences a setback in the institutional role of pursuing possible crimes, the decree clarifies that it does not imply a waiver of potential civil actions for the recovery of damages and losses, which could be processed through other channels if proven. The decision comes at a time of intensification of the relationship with the International Monetary Fund, with a technical mission from the body in the country to review the economy and the framework of existing agreements. It also comes amid parliamentary negotiations with opposition sectors, which raised suspicions of a possible agreement with Macrismo in exchange for impunity in exchange for legislative support. As for the investigated officials who now hold key positions in the Milei government—such as the cases of Luis Caputo and Federico Sturzenegger—there is no need to force speculations to understand the reasons behind the presidential decision.
