Argentina to send IMF deal to Congress this week -president
March 1, 2022
6:16 PM CST
Last Updated 8 hours ago
By Hernan Nessi
2 minute read
BUENOS AIRES, March 1 (Reuters) - Argentina's government will this week send an agreement with the International Monetary Fund (IMF) to delay debt repayments to the South American country's Congress for approval, President Alberto Fernandez said on Tuesday.
The South American country reached an understanding with the IMF in late January over a new deal to help push back over $40 billion in debts the country owes and cannot pay. That agreement still needed to be ironed out before getting final approval.
In opening remarks to Congress, center-left Fernandez said "starting this week we hope that it will be in the hands of national lawmakers to consider approving the agreement reached with the staff of the International Monetary Fund."
Fernandez needs Congress to approve the details of the deal, with pressure rising ahead of repayments to the IMF of over $2.8 billion due mid-March. The deal will also need to be approved by the IMF's board.
More:
https://www.reuters.com/markets/rates-bonds/argentina-send-imf-deal-congress-this-week-president-2022-03-01/