Argentina: Interest Rates

Foreign, Commonwealth and Development Office written question – answered on 23rd May 2023.

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Photo of Fabian Hamilton Fabian Hamilton Shadow Minister (Foreign and Commonwealth Affairs)

To ask the Secretary of State for Foreign, Commonwealth and Development Affairs, what assessment he has made of the implications for his policies of trends in the increase in interest rates in Argentina.

Photo of David Rutley David Rutley Assistant Whip (HM Treasury), Parliamentary Under-Secretary (Foreign, Commonwealth and Development Office)

It is important that Argentina has a prosperous and stable economy. On 25 March 2022, the UK voted in favour of a new International Monetary Fund (IMF) deal and supported the completion of the four subsequent quarterly reviews of the programme. The UK believes Argentina's IMF programme provides the best vehicle for macroeconomic stability. As agreed in the programme, interest rate rises are part of a set of measures to control rising inflation and exchange rate pressures. We expect Argentina to continue honouring its commitments as part of the IMF agreement.

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