Economic Indicators

Argentina lower chamber approves Milei’s ‘omnibus’ reform bill

2024.02.02 17:10

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© Reuters. The National Congress is mirrored on the home windows of a constructing on the day of a debate on Argentina’s President Javier Milei’s financial reform bill, often called the ‘omnibus bill’, in Buenos Aires, Argentina, February 2, 2024. REUTERS/Agustin Marcarian

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BUENOS AIRES (Reuters) – Argentina’s lower chamber of deputies gave general approval to libertarian President Javier Milei’s sweeping “omnibus” reform bill in a vote on Friday after days of debate, paving the best way for a decisive vote within the Senate.

The controversial reform bundle was authorized on a vote of 144 votes in favor, and 109 towards.

Lower-house lawmakers can even vote on the laws article by article, which is predicted to start on Feb. 6, however the basic approval means it is going to now proceed to the higher home in some type.

The mammoth bill is a key plank of Milei’s reforms plans for Argentina’s embattled financial system, which is grappling with inflation above 200%, depleted international foreign money reserves and a time-bomb of debt repayments owned to collectors and buyers.

Milei’s Libertad Avanza social gathering solely holds a small variety of seats within the 257-seat chamber, however was nonetheless capable of muster sufficient help from likeminded allies to advance the bill.

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