Argentina’s Lower House Approves Milei’s Emergency Decree for IMF Borrowing

Argentina’s Lower House approved President Milei’s Emergency Decree to allow further IMF borrowing, totaling 129 votes in favor. The initiative aims to bolster Central Bank reserves and reduce public debt. In parallel, a retirees’ march advocating for better wages occurred peacefully, contrasting previous protests that saw violence and arrests. President Milei canceled his upcoming trip to Israel due to these pressing domestic issues.

On Wednesday, Argentina’s Lower House approved President Javier Milei’s Emergency Decree (DNU), enabling further borrowing from the International Monetary Fund (IMF) aimed at enhancing Central Bank reserves and managing the national debt. The vote concluded with 129 in favor, 108 against, and 6 abstentions, receiving support from Milei’s party, La Libertad Avanza (LLA), alongside others such as PRO and UCR, while opposition primarily came from the Peronist Unión por la Patria (UxP) and leftwing factions.

Following the approval, the Office of the President expressed gratitude towards the 129 deputies for recognizing the electoral mandate and delivering a clear message to creditors about Argentina’s commitment to tackling inflation. The statement emphasized that the agreement facilitates public credit operations to settle existing debts with the Central Bank, thus reducing overall public debt.

The government reiterated the importance of achieving stability to ensure the purchasing power of wages remains intact against inflation, enabling companies to engage in long-term planning without the fear of economic disruptions. Furthermore, the statement highlighted ongoing efforts to establish a definitive disinflation process and lift exchange restrictions, emphasizing the political responsibility to fulfill these commitments.

In a concurrent event, a significant number of citizens participated in a traditional retirees’ march advocating for improved wages and medical assistance. This demonstration occurred under heightened security measures but was notably peaceful in contrast to previous weeks’ protests, which resulted in numerous arrests and injuries, including those of freelance journalist Pablo Grillo, who is currently in delicate condition.

Due to these developments, President Milei was compelled to cancel his planned trip to Israel this upcoming weekend, reflecting the pressing priorities at home.

This article outlines the recent approval of President Javier Milei’s Emergency Decree by Argentina’s Lower House, facilitating increased borrowing from the IMF to address economic challenges such as inflation and debt management. The supportive vote and subsequent government statements underline a commitment to stabilize the economy and address citizens’ needs while demonstrating the government’s determination to achieve disinflation and economic independence. Additionally, the highlights from the retirees’ march show that public demonstrations continue to shape political discourse in Argentina.

Original Source: en.mercopress.com