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Rubio, Risch, Colleagues: Financial Lending to Argentina Requires Extreme Oversight

Aug 1, 2022 | Press Releases

U.S. Senators Marco Rubio (R-FL) and Jim Risch (R-ID) sent a letter to President Joe Biden requesting his administration exercise extreme due diligence of any lending to Argentina given its long record of defaults, anti-growth economic policies, and cooperation with authoritarian dictatorships in Russia and Iran.

  • “It is our understanding that the government of Argentina is seeking a $500 million loan from the Inter-American Development Bank (IADB), despite ongoing concerns over program funding risks,” the senators wrote.


  • “Just days ahead of Russia’s invasion of Ukraine, President Fernandez offered to Vladimir Putin to turn his country into ‘a gateway for Russia to decisively enter Latin America,’” the senators continued. “A few days later, Mr. Fernandez signed several agreements to deepen Chinese involvement in Argentina’s economy and national finances. Just last month, Argentine authorities allowed a Venezuelan-flagged plane operated by a U.S.-sanctioned Iranian entity to land in Argentina.”


  • “Given the Argentine government’s troubling pattern of association with pariah regimes around the world, your administration should fully support IADB efforts to adhere to strong oversight and due diligence of any new lending to Argentina,” the senators concluded.

Senators Bill Cassidy (R-LA) and Bill Hagerty (R-TN) also signed the letter.

Want more? Read the full letter here