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LatinNews Regional Monitor: Brazil & Southern Cone - 16 April 2019

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In brief: Argentina

* The Argentine government has issued an administrative decree (DA288) which increases the federal government spending limit by Ar$16.61bn (US$399.18m) this year. The decree, signed by Finance Minister Nicolás Dujovne and Cabinet Chief Marcos Peña, says that the decision answers to the need to provide extra funding for a number of federal institutions so that they can meet their current spending needs. However, the measure appears to go counter to the commitment made by the government led by President Mauricio Macri in the Stand-By Agreement (SBA) it has reached with the International Monetary Fund (IMF) to have a zero primary fiscal deficit this year. Indeed, according to the local press the spending limit increase would result in a primary fiscal deficit of Ar$15.94bn this year.