Argentina’s Senate voted last Thursday night (17) to approve a $45 billion debt deal with the International Monetary Fund (IMF), converting the pact into law and ensuring that the economically damaged country can avoid another default.
After a long debate, the debt restructuring agreement with the IMF, backed by President Alberto Fernández, was approved with 56 votes in favor, 13 against and three abstentions.
The South American country’s center-left Peronist government struck a deal with officials from the international creditor body in early March, which was approved last week by Argentina’s Chamber of Deputies.
Now the deal needs to be signed by the IMF board.
The deal sets out a new financing schedule over a 30-month period to replace a failed $57 billion program from 2018, which the grain-producing country was unable to repay after years of recession, spiraling inflation and capital flight. .
Source: CNN Brasil
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