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Argentina says IMF deal ‘imminent’; could go to Congress within days -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO A view showing a general protest against the agreement of the government with the International Monetary Fund, in Buenos Aires (Argentina), February 8, 2022. Photograph taken by a drone. REUTERS/Miguel Lo Bianco/File Photograph

Walter Bianchi & Agustin Geist

BUENOS AIRES, (Reuters) – Argentina will “imminently send” an agreement with International Monetary Fund (IMF), to its Congress, a government spokesperson Gabriela Cerruti stated on Thursday. This signaled that the crucial debt deal is nearing completion.

Late January saw South America reach an agreement with IMF over a new arrangement to pay off more than $40 Billion in debts that it cannot and owes. The final approval of the agreement was still to come.

Cerruti said that they hope the deal will be submitted to Congress within the next couple of days.

“Let’s assume it’s imminent. I couldn’t say exactly when.”

Argentine President Alberto Fernández 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. IMF Board must also approve the deal.

Argentina’s government declared in January that it had agreed in principle to repay a failed $57 billion loan from the IMF. Kristalina Georgieva from the IMF stated that it was not yet complete.

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