ARGENTINA

On February 11, the Chamber of Deputies passed the bill to strengthen the Sustainability of Public Debt with 233 votes in favor, 2 against and 2 abstentions. The initiative has since been sent to the Executive Branch for enactment and publication in the Official Gazette.

During the opening of the session, the chair of the Finance Committee, Deputy Fernanda Vallejos (FDT – ruling party), emphasized the importance of “the fact that we are now taking the path of strengthening new democratic institutionalization of our economy with vital legislation such as this.”

The initiative aims to strengthen the institutional role played by Congress in defining and authorizing policies for taking out debt in foreign currency and under foreign law. The initiative also proposes empowering Congress to validate any public credit operations and/or financing programs formalized by the Executive Branch with the International Monetary Fund.