Argentina’s Congress has granted President Javier Milei permission to pursue a new loan agreement with the IMF, in addition to its existing $44 billion debt. The loan is intended for supporting foreign currency reserves and dealing with forthcoming debt payments.
On Wednesday, Argentina’s Congress approved President Javier Milei’s request for a new loan agreement with the International Monetary Fund (IMF). This approval comes on top of the existing $44 billion debt that Buenos Aires owes to the IMF. President Milei sought the congressional vote to secure a 10-year loan aimed at enhancing the central bank’s foreign currency reserves and addressing imminent debt obligations.
The approval from Congress marks a significant step for President Javier Milei as he seeks to stabilize Argentina’s economy amid its substantial IMF debt. This new loan agreement is intended to bolster foreign currency reserves, indicative of the administration’s commitment to addressing financial challenges.
Original Source: www.suncommercial.com
