Argentine lower house approves Macri's budget, next stop Senate
BUENOS AIRES, Oct 25 (Reuters) - Argentina's lower house ofCongress approved President Mauricio Macri's austere 2019 budgetbill early on Thursday, a political victory for the first termleader as he tries to make steep spending cuts demanded by theInternational Monetary Fund.
The spending plan now goes to the Senate, where it isexpected to be voted on next month. Up for re-election in 2019,Macri negotiated a $57 billion financing deal with the Fundcalling for the government to erase its primary fiscal deficitfrom a projected 2.7 percent of gross domestic product in 2018.
The lower house vote was 138 to 103 with 8 abstentions afteran 18-hour debate that started midday on Wednesday and wasmarred by violent protests outside the capitol complex, whereanti-riot police fired tear gas, water cannons and rubberbullets. Thousands of activists led by teachers, social organizationsand leftist groups opposed to Macri's austerity measurespeacefully protested in front of Congress on Wednesday, butsmall clusters of marchers threw stones and debris at policeduring the marches. Federal police said 18 people were arrestedby late afternoon on Wednesday.
Fed up with the recession exacerbated by public utilitysubsidy cuts that have jacked up household heating and electricbills, Argentines are pessimistic about Macri's ability tostabilize the economy with his orthodox policies, according torecent public opinion polling.
(Reporting by Hugh Bronstein, additional writing by CassandraGarrison; Editing by Richard Balmforth)
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.  |