ARGENTINA

On March 17, the Senate brought to the floor the bill on the IMF agreement, after its approval in the Chamber of Deputies. The debate is expected to last until midnight. In the event that the bill is approved, the Executive Branch will still have to enact it.

The agreement under discussion implies the refinancing of the commitments assumed under the 2018 Stand By program, which had maturities mainly concentrated in the years 2022 and 2023. It is based on what is known as the IMF Extended Facility (Extended Facilities Agreement) which includes 10 reviews to be carried out on a quarterly basis for two and a half years. 

At the beginning of the debate, Senator Ricardo Guerra (Frente de Todos – ruling party) assured that the bill “will allow reaching an agreement with the Fund that will allow focusing the management effort on the growth of the economy and the reduction of inflation”. He added: “one of the main objectives is to maintain the economic and social recovery achieved by reinforcing macroeconomic stability through the gradual and sustained improvement of public finances and the reduction of inflation”.