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LatinNews Regional Monitor: Brazil & Southern Cone - 23 October 2018
In brief: Argentina
* Argentina’s finance minister, Nicolás Dujovne, has said that Argentina has succeed in reducing its fiscal deficit by 47% to 1.1% of GDP in the first nine months of the year compared with the same period last year. Dujovne said that, thanks to the economic adjustment plan implemented by the federal government focused on reducing spending, the fiscal deficit fell to Ar$153.31bn (US$4.21bn) in the third quarter, lower than the government had initially projected. Dujovne added that the results show that the government is on course to meet its objective of eliminating the fiscal deficit next year as it has pledged to do as part of the Stand-By Agreement (SBA) deal it has reached with the International Monetary Fund (IMF), provided that the executive’s proposed 2019 draft budget is approved by congress. However, Dujovne recognised that Argentina’s inflation rate remains high at around 40.5% annually, but he said that he was confident that this will start to fall as the country balances out its books.
