• Ar
  • Es
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Feature
  • Videos
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Feature
Videos
Infographs
In Pictures
  1. Home
  2. News
  3. Latin America
  4. Argentina Parliament approves IMF deal for $45 billion debt
Latin America

Argentina Parliament approves IMF deal for $45 billion debt

  • By Al Mayadeen Net
  • Source: Agencies
  • 18 Mar 2022 08:08

After falling into an economic slump, Argentina slowly grows out of inflation and a high poverty rate.

  •   Argentina parliament approves IMF deal for $45 billion debt
     ArgentinaPparliament approves the IMF deal for $45 billion in debt.

Argentina's Senate gave final approval on Thursday to a deal with the International Monetary Fund that restructures a $45 billion debt, clearing the country's short-term financial horizon but leaving a significant inflationary burden.

The late-night vote approves a new credit program hammered out by Argentine politicians and IMF personnel as they sought to complete the debt, the legacy of a huge loan negotiated in 2018 by former President Mauricio Macri's government.

Several hundred people demonstrated outside the Senate, summoned by unions and leftist organizations to oppose the reform.

Last week, the accord was approved by the Chamber of Deputies with broad support from both the ruling coalition's center-left and the opposition's center-right, a rare occurrence in Argentina.

Faced with the prospect of a disastrous payment default if the agreement was not accepted, the Senate easily approved it by a vote of 56 to 13, with three abstentions.

"It is the responsibility of our government to build certainty in a context of uncertainty," Economic Minister Martin Guzman, chief architect of the agreement with the IMF, said in defending the package before senators.

Argentina and the fund agreed on a set of macroeconomic measures to contain the country's chronic inflation (50.9% in 2021) and lower the country's budget deficit, which was 3% of GDP last year until it is balanced in 2025.

Under the agreement, the IMF will monitor Argentina's progress regularly.

The IMF authorized Argentina's largest-ever loan of $57 billion in 2018, under the government of center-right Macri. Of that total, the country received $44 billion.

Alberto Fernandez, Macri's successor, refused to take the remainder and sought to renegotiate repayment terms. Payments of $19 billion and $20 billion were due this year, a deadline considered unattainable by the administration.

Argentina is only now emerging from a three-year economic slump, battling increasing inflation and a high poverty rate.

After a grace period, repayments will be required from 2026 through 2034 under the new agreement.

  • Argentina
  • International Monetary Fund
  • Mauricio Macri

Trending Now

All
IMF warns supply limitations in Europe could last into 2023

IMF warns supply limitations in Europe could last into 2023

US Dollar may lose dominance due to Russian sanctions :IMF

US dollar may lose dominance due to Russian sanctions: IMF

Most Read

The Middle East Stabilises, Against the Backdrop of a Great Unravelling

The Middle East Stabilises, Against the Backdrop of a Great Unravelling

  • Analysis
  • 28 May
In this image released by the Italian firefighters, a helicopter searches for missing passengers after a tourist boat capsized in a storm on Italy's Lago Maggiore in the northern Lombardy region, May 28, 2023 (AP)

Top Israeli intelligence official dead in Italy: Israeli media

  • Europe
  • 29 May
US linguist Noam Chomsky, who was among 550 academics who signed the petition calling on Glasgow University to respect free speech (AFP)

Chomsky: EU will deindustrialize if it abides by US-run world order

  • Europe
  • 31 May
Saudi Arabia's Hawiyah Natural Gas Liquids Recovery Plant which is operated by ARAMCO. (AP)

Tensions between Riyadh and Moscow on the rise due to oil prices: WSJ

  • MENA
  • 28 May

Read this

All
Israeli and US flags during a protest in support of US President Joe Biden, who criticized the plan this week, outside of the US Embassy Branch Office in 'Tel Aviv', occupied Palestine, Thursday, March 30, 2023. (AP)
Palestine

Israeli media: Washington wants Netanyahu out of the picture for JCPOA

  • Today
Occupation Military Intelligence chief  Aharon Haliva, September 13, 2022 (Israeli media)
Palestine

Israeli military officials condemn AMAN chief statements on Hezbollah

  • 2 Jun
A vessel that sank on Lake Maggiore in Italy with four fatalities, May 28, 2023 (Italian fire and rescue services)
Europe

Speculations about the purpose of the Israeli spies in northern Italy

  • 2 Jun
How weapon firms profit from Ukraine war
US & Canada

How weapon firms, think tanks profit from Ukraine war: Report

  • 2 Jun
Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS