Thousands of Argentines marched in an anti-austerity protest on April 9, setting the stage for a 24-hour general strike as President Javier Milei awaits confirmation of a fresh International Monetary Fund (IMF) loan, La Nacion reported.

The demonstration in Buenos Aires preceded the nationwide walkout, which would constitute the third general strike during Milei's 16-month presidency, organised by unions to protest his "chainsaw" austerity policies.

“The cost (of austerity) for vulnerable sectors is infinitely higher than is suggested by the monthly inflation index,” said Hector Daer, secretary general of the CGT labour movement, as quoted by AFP.

The strike is expected to paralyse train and air travel while shuttering schools and banks across the country. National carrier Aerolineas Argentinas, which Milei has targeted for privatisation, announced the cancellation of 258 flights, affecting approximately 20,000 passengers. Bus drivers, however, will not participate in the action.

Meanwhile, Reuters reported that the IMF is poised to approve a $20bn loan agreement at the end of the week. “For us it's extremely important that the IMF is on its way to approving this agreement, which will be finalised on Friday,” presidential spokesman Manuel Adorni told radio station El Observador.

The timing of these twin developments highlights the fundamental tension in Milei's economic strategy. While the IMF deal represents a crucial lifeline for Argentina's battered economy, the social and political costs of the government's austerity measures continue to mount.

As the country struggles to emerge from triple-digit inflation, recession and dangerously low foreign currency reserves, Milei faces the challenge of maintaining his reform agenda amid growing public discontent.

This new IMF programme would represent another chapter in Argentina's long and complicated relationship with the Washington-based lender, as the country has been a serial defaulter in recent decades, severely limiting its ability to borrow from international markets. The success of this financial strategy will be crucial for Milei's bold economic stabilisation plans, which aim to tame inflation and restore Argentina's credibility with global investors.