Argentine president applauds lower house backing for IMF debt deal

Argentine President Alberto Fernandez on Friday welcomed the Chamber of Deputies' endorsement of an agreement with the International Monetary Fund to reconstruct 44.5 billion U.S. dollars in debt, which will alleviate the country's debt burden.

"We have taken an important step in solving a very serious problem that Argentina has and, unfortunately, will have for many years," Fernandez said.

The Chamber of Deputies approved the agreement early Friday and sent it to the Senate for approval in the coming days.

During a special legislative session, the lower house of Congress voted 202 in favor and 37 against, with 13 abstentions.

Most of the deputies of the ruling Frente de Todos party and the main opposition party, Juntos por el Cambio, approved the deal, while leftist and liberal legislators were among the 37 who voted against.

The arrangement gives the South American country access to new financing through quarterly disbursements, and a grace period of four and a half years before debt repayments begin.

The deal still needs to be approved by the Senate and the IMF Executive Board. ■