Argentina’s Congress Approves New IMF Loan for President Milei

Argentina’s Congress has granted approval for President Javier Milei to secure a new IMF loan, supplementing the existing $44 billion debt to the lender. The new loan, requested on March 11, aims to increase foreign currency reserves and cover upcoming debt payments.

On Wednesday, Argentina’s Congress authorized President Javier Milei to negotiate a new loan agreement with the International Monetary Fund (IMF). This approval comes amidst an existing debt of $44 billion that Buenos Aires owes to the lender. During his request made on March 11, 2023, President Milei sought a 10-year loan aimed at bolstering the central bank’s foreign currency reserves and addressing imminent debt obligations.

In conclusion, Argentina’s Congress has officially enabled President Milei to proceed with negotiations for an additional loan from the IMF. This new financial support is intended to enhance the central bank’s reserves and manage upcoming debt repayments, amid an already substantial financial commitment to the fund.

Original Source: www.suncommercial.com