Argentina’s Lower House has approved President Milei’s Emergency Decree allowing further borrowing from the IMF, aimed at debt management and enhancing Central Bank reserves. The decision received bipartisan support, primarily from the ruling La Libertad Avanza party, while opposition emerged from Peronist groups. This decree aims to stabilize Argentina’s economy and reduce public debt, amidst significant public demonstrations advocating for improved conditions for retirees.
On Wednesday, Argentina’s Lower House approved President Javier Milei’s Emergency Decree (DNU), enabling additional borrowing from the International Monetary Fund (IMF). The vote resulted in 129 in favor, 108 against, and six abstentions, with support from the ruling La Libertad Avanza (LLA) and several other political parties, including PRO and UCR. Opposition primarily stemmed from the Peronist Unión por la Patria (UxP) and leftist factions.
Following the vote, the Office of the President expressed gratitude towards the 129 deputies who represented various political blocs, emphasizing the importance of combating inflation as a state policy. The agreement facilitates a public credit operation for the National Treasury to settle existing Central Bank debt, thereby decreasing total public debt.
The President’s office noted that Argentines have exerted significant effort towards achieving macroeconomic stability. The reorganization of the Central Bank is deemed a crucial step towards consolidating this stability. A focus on maintaining purchasing power and fostering a secure environment for businesses to plan for the future without economic shocks was highlighted.
Milei’s administration reiterated its commitment to ensuring a definitive disinflation process and the removal of exchange restrictions. Such decrees require approval from either house of Congress to be valid, fortifying the necessity for bipartisan support.
In a concurrent public event, a substantial turnout of citizens supported retirees’ calls for improved wages and healthcare. The event unfolded under strict security measures in Congress, contrasting with the preceding week’s demonstrations that resulted in over 100 arrests, amidst which photojournalist Pablo Grillo sustained critical injuries yet has shown signs of recovery. Consequently, President Milei had to cancel a scheduled trip to Israel due to these unfolding events.
The approval of President Javier Milei’s Emergency Decree marks a significant step in Argentina’s effort to manage its debts and reinforce economic stability through IMF borrowing. With bipartisan support in Congress, this initiative aims to decrease public debt while addressing inflation concerns. Despite recent public unrest and the cancellation of diplomatic engagements, the government’s commitment to economic reforms remains resolute, indicating a focused approach to improve the citizens’ financial landscape.
Original Source: en.mercopress.com
