Argentina's Congress Approves New IMF Loan Agreement

The deal grants President Milei authority to finalize a 10-year loan aimed at stabilizing the economy, despite rising poverty and public protests over austerity measures.

• The lower house of Argentina's Congress voted 129-108 to approve the new IMF loan agreement, giving President Javier Milei the green light to finalize the deal.
• The 10-year loan is designed to boost central bank reserves and refinance debt, replacing the 2022 Extended Fund Facility agreement.
• Inflation has dropped significantly under Milei's administration, falling from 211% in late 2023 to 66%, though poverty rates have risen due to austerity measures.
• Protests against the loan and Milei's economic reforms have intensified, with thousands demonstrating outside Congress, though the gatherings remained largely peaceful.
• Milei's libertarian party, despite being a minority in Congress, secured support through alliances to advance its cost-cutting economic agenda.

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