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The Government of Argentina presents its “economic emergency” law to alleviate the crisis left by Macri

December 17, 2019
El presidente de Argentina, Daniel Fernández (derecha).

The president of Argentina, Daniel Fernández (right). – REUTERS / AGUSTIN MARCARIAN


The new Government of Argentina presents a draft “economic emergency” bill with Congress that seeks to raise taxes to finance social spending and reactivate the domestic market, amid a severe economic crisis left by the previous one Mauricio Macri executive.

The objective of the Government of Argentina is to process the bill as soon as possible, which after being presented on Tuesday, is approved on Thursday in the Congress of Deputies and finally sanctioned on Friday in the Senate.

The content of the “economic emergency” has not yet been made public, but it is expected that among the measures will be an increase in taxes on purchases abroad, as well as an increase in the rates paid for the properties.

The president of Argentina, Alberto Fernández, explained that the tariffs for public services will not be touched until June 30 and that his Administration foresees that by the end of the year pensions are paid to retirees and subsidiaries.

The new Government of Fernández, who inherited annual inflation close to 55 percent and poverty around 40 percent, has already raised rates to agricultural exports – the largest currency-generating in the country -, with the objective to alleviate the serious situation of economic crisis.

One of the first issues Fernandez addressed when he arrived at Casa Rosada last week was to meet with the International Monetary Fund (IMF) and renegotiate the debt, which could reach 100,000 million dollars and that today Argentina has already said that can not pay.

For its part, the opposition has criticized the “super powers” that the Government intends to arrogate by skipping the deadlines of the Senate, where the project would arrive hours after being approved in the Congress of Deputies, and have asked to postpone the session this Wednesday in order to achieve a “sensible and serene” debate, according to the Argentine newspaper 'Clarín'.

However, the opposition blocs, under the premise of being “constructive” at the beginning of the Fernández Government, have said that on Tuesday, once they have the project, they will announce a formal response to the project.