BUENOS AIRES—Most countries have a historic villain. For Cuba, it is Uncle Sam. For some in the Middle East, it is Israel. Here in Argentina, many direct their rage at the International Monetary Fund.

Hating on the multilateral lender, which steps in to bail out indebted governments, is something close to a national sport in this country of 44 million.

Now, the IMF is back in the spotlight as Argentina’s new leftist government wants to renegotiate the terms of an outstanding IMF loan, which requires the repayment of $44 billion over the next four years.

If the IMF won’t play ball, says President Alberto Fernández, Argentina could choose to default—for the ninth time in its history.

“Our focus and priority is and has been to help Argentina recover from its difficult economic situation and pave the way for inclusive and sustainable growth,” an IMF spokesman said.