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LatinNews Daily - 23 June 2020

In brief: Argentina’s primary deficit continues to rise

* Argentina’s economy ministry has released new figures which show that the country’s primary deficit reached Ar$251bn (US$3.5bn) in May, up from Ar$228bn in April. Meanwhile interest on public debt rose to Ar$56.9bn, creating a total financial deficit of Ar$308bn. According to an economy ministry press release, the continued rise in the deficit owes to ongoing government spending in response to the coronavirus (Covid-19) pandemic and the economic impact of measures taken to control the spread of the virus. Although total revenue was up 2.4% year-on-year to total Ar$328bn, this was significantly eroded by 43.4% inflation in May, while primary spending totalled Ar$579bn, up 96.8% year-on-year.

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