YPF Sociedad Anonima (NYSE:YPF) shares are moving higher Thursday following Argentina’s Senate passage of an economic reform bill.

The Details: On Wednesday, economic reform bills, including the Bases law, proposed by president Javier Mileli passed through Argentina’s Senate, according to Reuters.

The chamber’s vote was tied at 36-36 with Vice President Victoria Villarruel breaking the tie in favor of the economic plan.

Congressional members are now set to vote on specific articles of the plan. The articles are designed to increase investment by privatizing state-owned enterprises and offering incentives to businesses.

The Bases bill specifically would, “accelerate the growth process, mainly by getting investment into the country,” an anonymous person told Reuters.

Currently, Argentina is grappling with annual inflation close to 300%, numerous capital controls that hinder business and trade, depleted foreign currency reserves, and a heavy debt burden requiring servicing.

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YPF Price Action: At the time of publication, YPF Sociedad Anonima stock is trading 1.06% higher at $20.89 per data from Benzinga Pro.

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