Accordingly, Bloomberg Intelligence said that the opposition presidential candidates are proposing to renegotiate the IMF programme to make it less austere where the IMF is unlikely to agree to changes in key parameters.

“We think that the IMF won’t agree to change key parameters such as primary surplus target and the debt-to-GDP ratio. They are the basis of already-agreed debt-restructuring agreements with dollar bondholders and bilateral creditors,” it said.

It said that the IMF programme will likely leave the new government with a limited fiscal space to implement its election promises — the cost of which cannot exceed 0.4% of GDP according to their estimates.