Mauricio Macri, the businessman-turned-politician about to complete his first term as Argentina’s president, is up for reelection later this year. But the economy is in shambles.

The austerity policies his administration has implemented have given the lie to his coalition Cambiemos’s 2015 campaign promise to reach “poverty zero.” The administration hasn’t even managed to bring down inflation, something Macri repeatedly said would be “super easy” to achieve.

Instead, Argentina has become a sort of vassal of the International Monetary Fund (IMF). After reviewing the country’s economic performance, the organization recently allowed the government to access an additional $10.87 billion, and Christine Lagarde, the IMF’s chairwoman, said last week that it would be “foolish” for any candidate (or their supporters) to turn their back on Macri’s plans. Largarde also said that the IMF “strongly support[s] the authorities’ efforts to mitigate the social impact” of the IMF’s policies, including the recently announced increases in social spending, which Macri desperately needs to placate the electorate on the eve of his reelection campaign. But while the IMF’s support is good news for the government, it didn’t stop Argentina’s peso from dropping to a record low against the US dollar last week ($44.90). Last year the currency was among the worst-performing on Earth, something that could certainly be repeated in 2019.