The Argentine Senate approved on Thursday the deal that the Government closed with the International Monetary Fund (IMF) to restructure a debt of 45,000 million dollars, with which the country seeks to leave behind a long financial crisis.
The agreement that the center-left government reached with the organization at the beginning of March had been approved last week by the Chamber of Deputiesfor which it became law thanks to 56 positive votes, against 13 negative and 3 abstentions, in the Senate.
“This agreement will allow us to accumulate reserves, which will favor Argentina’s exchanges with the world and allow sustained growth,” Senator Sandra Mendoza, from the ruling coalition, said during the debate in the Upper House. front of all.
The loose result of the vote is due to the support of a broad sector of the centre-right oppositiondespite the rejection of the project by some legislators from the official alliance itself.
President Alberto Fernandez He wanted a quick approval of the agreement to avoid a default before a maturity of 2,800 million dollars on March 22, which could hardly have been canceled with the meager reserves of the central bank.
“By approving this agreement we are prioritizing the interests of the Argentinian republic by preventing default,” said Senator José Torello, of the opposition alliance Together for Change.
The agreement with IMF establishes a grace period of four and a half years and extends disbursement payments to 10 years, so the country will begin to pay off the debt in 2026 and end in 2034.
It also sets goals for growth, low inflation, strengthening of foreign currency reserves and confirms the guideline for the gradual reduction of the fiscal imbalance until the elimination of the deficit in 2025.
“By reaching the agreement with the IMF, the Argentina traces a path of greater certainty, greater credibility, which will generate a better climate to attract investment and create jobs,” Juan Marotta, president of HSBC bank in Argentina, told Reuters.
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