Argentina’s Lower House Approves Milei’s IMF Emergency Decree
The Argentine Lower House has approved President Javier Milei’s Emergency Decree allowing increased borrowing from the IMF to strengthen Central Bank reserves and manage public debt. The decision, backed by a majority of lawmakers across various parties, aims to combat inflation and promote macroeconomic stability, while public support for retirees underscores the government’s commitment to improving citizen welfare.
The Argentine Lower House recently approved President Javier Milei’s Emergency Decree (DNU) authorizing increased borrowing from the International Monetary Fund (IMF) to bolster Central Bank reserves and manage debt. This measure received support from 129 votes favoring the decree, compared to 108 against it, along with 6 abstentions. Endorsements came primarily from the ruling party, La Libertad Avanza (LLA), as well as several other political factions, while opposition was voiced notably by the Peronist Unión por la Patria (UxP) and leftist groups.
In a statement from the presidency, it was expressed, “President Milei thanks the 129 deputies, belonging to the great majority of the political blocs, who understood the mandate of the ballot boxes and gave a message to our creditors that shows maturity and greatness: the fight against inflation is a State policy in our country.” Furthermore, the agreement aims to facilitate a public credit operation for the National Treasury, canceling existing Central Bank debt and potentially reducing total public debt implications.
The Office of the President emphasized that the measures were part of the broader efforts to achieve monetary, financial, and macroeconomic stability. It stated, “Stability is the basis for a future where the purchasing power of wages is not eroded by inflation, and where companies can plan for the long term without fear of economic shocks.”
Moreover, it reinforced the government’s commitment by asserting, “The government will not rest for a minute until the disinflation process is definitive and the liberation of exchange restrictions is a reality because that is what we have been elected to do.” This decree, needing approval from either Congressional house, is crucial for its validation.
In a related development, a substantial turnout at a retirees’ march demonstrated public support for improved wages and healthcare for the elderly. Security measures were stringent at the event, which saw no significant incidents, in contrast to previous protests that led to injuries and arrests, including a serious case involving freelance photojournalist Pablo Grillo, who is currently in intensive care but showing signs of recovery. Milei’s pressing political commitments led him to cancel an upcoming trip to Israel.
In summary, the approval of President Milei’s Emergency Decree by the Lower House is a pivotal step towards addressing Argentina’s financial stability through IMF borrowing. Diverse political support crucially underscores a unified commitment to combating inflation. The government’s dedication to improving economic conditions for citizens, demonstrated by public support for senior citizens, further reflects the administration’s focus on long-term economic recovery, notwithstanding recent public unrest.
Original Source: en.mercopress.com
Post Comment