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LatinNews Daily - 18 November 2020

In brief: Argentina’s lower chamber approves 2021 state budget proposal

* Argentina’s chamber of deputies has given final approval to the government’s proposed 2021 state budget for Ar$8.4trn (US$105bn) after it was returned there by senate which had identified various administrative errors. This is the first budget proposal by the government led by President Alberto Fernández, which took office in December 2019. It was approved by 139 votes in favour, 20 against and 83 abstentions in the lower chamber. The budget is based on delivering a primary fiscal deficit of 4.5% of GDP as well as 5.5% GDP growth and annual inflation of 29% in 2021. The government also highlighted that the new budget includes a significant reduction for payment of interest on debt which will represent 1.5% of GDP, down from 3.5% of GDP in 2019 after Economy Minister Martín Guzman reached an agreement with bondholders earlier this year.

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