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Financial News: ARGENTINA: 2019 Budgetary Legislation Must Be Sent To

ARGENTINA: 2019 Budgetary Legislation Must Be Sent To Congress In October

06/14/2018 - 20:14:00 (RTTNews)

(RTTNews) - The Argentinean government intends to send to Congress the Budgetary Legislation for 2019 in October, which points to a primary deficit of 1.3% of the Gross Domestic Product (GDP), according to the memorandum that the minister of Treasury, Nicolas Dujovne, and the governor of the BCRA, Federico Sturzenegger, sent the managing director of the International Monetary Fund (IMF), Christine Lagarde.

"We propose a faster convergence towards the fiscal balance, fulfilling the new fiscal target for 2018 that we have already announced (primary deficit of 2.7% of GDP) and making significant additional efforts in the 2019 budget", says the document sent in the beginning of the week to Lagarde, who endorsed the measures of the economic plan of the government of Mauricio Macri, affirming that they create "a solid base" for the request of the US$ 50 billion stand-by credit.

In the document, Mauricio Macri's administration also argued that "considering the uncertainty that we are currently facing," projections of public revenues in the budget should be conservative and should include prudential reserves of spending to be used only in the case of unforeseen events."

The document adds that if the economic results are worse than anticipated, the government will be prepared to "identify additional measures to allow us to reach our primary deficit targets for 2018 and 2019." However, if the results are positive, it is ready to "carry out a more accelerated elimination of distortionary taxes, to sustain growth and investment."

Among the measures that should be applied to meet these goals is the reduction of energy and transport subsidies, increasing "the proportion of the production cost of those services covered by the price paid by consumers."

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