Question to the Foreign, Commonwealth & Development Office:

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.

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.