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Argentine President Milei Promises IMF Deal and Celebrates Economic Wins in Speech to Congress
March 4, 2025
Argentina’s president Javier Milei signaled during a speech on Saturday that a new deal with the IMF was near. No further details were given about the new financing deal. Milei’s government has sought a new IMF deal in order to help lift Argentina’s strict capital and currency controls. This is intended to attract investment into Argentina and thus reap the economic benefits of free-market reforms. Milei also intends to use the cash infusion from the IMF to replenish the central bank’s diminished hard currency reserves, so as to prevent a possible run on the peso. In his speech, Milei also celebrated his government’s economic successes. Milei’s administration was successful in bringing down the monthly inflation rate from a peak of 26% in December 2023, when he entered office, to just over 2% in January 2025. On trade policy, Milei announced his intentions to broker a free trade agreement with the USA. If necessary, Milei would leave the Mercosur bloc of South American nations to do so.
Argentina’s dollar bonds were higher across the curve, with its 3.5% 2041s up 1.4 points to 60.4, yielding 11.3%.
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