- Title: Argentine Senate expected to approve sweeping economic bill
- Date: 21st December 2019
- Summary: BUENOS AIRES, ARGENTINA (FILE - OCTOBER 2019) (REUTERS) SCREEN SHOWING EXCHANGE RATES VARIOUS, HANDS COUNTING BILLS CHACABUCO, ARGENTINA (FILE) (REUTERS) VARIOUS, SOY CROP BEING HARVESTED BY MACHINES BUENOS AIRES, ARGENTINA (FILE) (REUTERS) EXTERIOR OF THE HEADQUARTERS OF ARGENTINE ELECTRICITY COMPANY, EDESUR VARIOUS, PEOPLE AT EDESUR BUILDING VARIOUS, ELECTRICIANS AT WORK BUENOS AIRES, ARGENTINA (FILE - APRIL 2019) (REUTERS) PERSON HOLDING CANE AT PROTEST BY PENSIONERS WHO ARE ASKING FOR AN INCREASE IN THEIR STIPEND PROTESTER HOLDING SIGN READING (Spanish) "YOU'RE KILLING US" VARIOUS, PENSIONERS PROTESTING
- Embargoed: 4th January 2020 00:43
- Keywords: Argentina Cristina Fernandez President Alberto Fernandez Senate approval bill economy emergency measures law
- Location: BUENOS AIRES & CHACABUCO, ARGENTINA
- City: BUENOS AIRES & CHACABUCO, ARGENTINA
- Country: Argentina
- Topics: Government/Politics
- Reuters ID: LVA002BAS7SJR
- Aspect Ratio: 16:9
- Story Text: Argentina's Senate took up a sweeping economic bill, which includes an array of tax increases on grains exports, personal property and foreign assets held abroad, after the lower chamber approved it earlier Friday (December 20).
Argentine President Alberto Fernandez, inaugurated Dec. 10, inherited an economic crisis, including annual inflation of more than 50% and an economy that is expected to contract for a third straight year in 2020. In addition to trying to get the economy back on track, the government must steer debt revamp talks with bondholders and other creditors, including the International Monetary Fund.
The Senate was expected to pass the measure, dubbed the "Social Solidarity and Production Reactivation", Friday night.
The cornerstone of Fernandez's program, the law aims to maintain fiscal balance to guarantee the future payment of public debt and, at the same time, expand social spending to boost the economy as Argentina struggles with higher poverty and increased unemployment.
(Production: Juan Bustamante)
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