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LatinNews Daily - 28 May 2020

In brief: Argentina’s primary deficit soars in April

* The Argentine institute of fiscal analysis (Iaraf) has released a report showing that for the first 15 days of May, government revenue fell 33% in real terms compared with the same period in 2019. This comes after Argentina’s economy ministry reported a sharp rise in the country’s primary fiscal deficit in April to Ar$228bn (US$3.34bn), owing mostly to a sharp fall in tax revenue and a bulky government spending package due to the coronavirus (Covid-19) pandemic. Although total revenue rose 14% year-on-year in nominal terms to Ar$316.2bn, this was significantly eroded by 45% inflation in April, while primary spending totalled Ar$454bn, up 96.8% on the same month in 2019.

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