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LatinNews Regional Monitor: Brazil & Southern Cone - 2 January 2018

In brief: Argentina

Argentina: The national government has promulgated into law the 2018 national budget and the law of fiscal responsibility and consensus that were approved by the federal congress in a series of extraordinary sessions held in the final days of December 2017. The fiscal responsibility and consensus law establishes the new fiscal pact reached by the central government with the country’s 24 provincial governments under which these are to reduce the general tax burden and their respective fiscal deficits in exchange for a higher share of federal taxes. Meanwhile, the approved 2018 budget is for Ar$2.72trn (US$145.5bn), a 15.1% increase compared to the previous year and based on a GDP growth forecast of 3.5% after the country posted GDP growth of 3% in 2017 on official figures. The budget also forecasts 2018 year-end inflation of 15.7%, above the previous central bank (BCRA) projection of 10% and well above BCRA’s new official target range of 8%-12%.

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