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Financial News: ARGENTINA: Senate To Start Budget Debate After Favorable

ARGENTINA: Senate To Start Budget Debate After Favorable Preliminary Vote

12/27/2017 - 15:28:00 (RTTNews)

(RTTNews) - The Argentinean Senate is set to start the debate on the 2018 budget after supporting the current proposal in a preliminary vote on Tuesday.

Cambiemos, the ruling coalition, managed to move the legislation forward in the preliminary vote with the help from senators of the Argentina Federal block.

Senators from the Argentina Federal group come from political parties contrary to Cambiemos but have been favorable towards the economic reforms presented by the Argentinean president, Mauricio Macri.

The budget debate will require a two-thirds vote in favor of the discussions. Senators may also start a debate on extending a tax over financial transactions and a tax reform.

The 2018 budget proposal points to a 3.5% economic growth next year, with a 15.7% inflation rate, a 19.3 pesos per dollar exchange rate and a 17% increase in investments. Also, it allocates around 70% of the expenditure to social programs.

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