Argentina’s Congress Approves New IMF Loan Agreement Under Milei’s Initiative

Argentina’s lower house supports President Milei’s IMF loan agreement, aiming to enhance Central Bank reserves amid economic challenges. Protests against austerity accompany the approval as negotiations for a new loan are underway, with existing debts looming.

On Wednesday, Argentina’s lower house of Congress approved President Javier Milei’s request to negotiate a new loan with the International Monetary Fund (IMF). This proposed 10-year loan is intended to supplement the existing US$44 billion that Argentina borrowed in 2018 to support the Central Bank’s currency reserves and manage impending debt obligations.

In conclusion, President Milei’s administration seeks to secure a new loan from the IMF to bolster Argentina’s weakening economy amidst widespread protests and public dissent. The lower house’s approval marks a step towards a renewed funding agreement, albeit one that faces significant opposition from sections of the populace concerned about austerity measures. With ongoing negotiations and the political landscape evolving, the situation warrants careful observation.

Original Source: www.batimes.com.ar