WASHINGTON, March 20 — The IMF board of directors will meet Friday to discuss Argentina’s requested deal to restructure its US$45 billion debt.

The country’s Senate on Thursday gave final approval to an agreement with the International Monetary Fund that restructures the debt, clearing the country’s short-term financial horizon but leaving a serious inflationary challenge.

The agreement now just needs signing by the IMF board of directors.

"The legislative approval is an important signal that Argentina is committed to policies that will encourage more sustainable and inclusive growth,” Gerry Rice, IMF director of communications, said in a statement yesterday.

The meeting will be held Friday, he said, "to allow time to take account of the fast-changing global environment — including the war in Ukraine.”

An agreement on a refinancing program was sealed between the government and IMF on March 3.

The US$45 billion debt is the legacy of a record loan contracted in 2018 under former president Mauricio Macri.

The agreement is the 13th that Buenos Aires has signed with the IMF since the return of democracy in 1983.

Prior to the Agreement, Argentina was at risk of default. — AFP