Argentina’s Milei Secures Congressional Approval for New IMF Loan

Argentina’s Congress has approved a new loan agreement with the IMF, requested by President Javier Milei, to strengthen foreign currency reserves amid a $44 billion debt to the lender.

Argentina’s Congress has approved President Javier Milei’s request to secure a new loan from the International Monetary Fund (IMF), despite the existing debt of $44 billion owed to the lender. The approval was granted on Wednesday, following Milei’s appeal to lawmakers made on March 11. The proposed 10-year loan aims to enhance the central bank’s foreign currency reserves and facilitate upcoming debt obligations.

The recent approval by Argentina’s Congress allows President Javier Milei to pursue a new loan from the IMF, intended to bolster the country’s financial stability in light of its significant existing debt. This decision reflects the administration’s urgent need to address foreign reserves and manage imminent payments.

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