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Argentine Senate approves austerity budget for IMF deal
Updated 8:12 pm CST, Thursday, November 15, 2018
BUENOS AIRES, Argentina (AP) — Argentine lawmakers approved an austerity budget for 2019 on Thursday, cutting social spending and raising debt payments to meet conditions for expanded financing from the International Monetary Fund.
The budget approved Thursday by the Senate projects a 0.5 percent slide in GDP and a 23 percent inflation rate by the end of 2019, down from an expected 44 percent this year. It was approved earlier by the lower house.
The budget aims to cut the primary deficit before debt payments to zero — down from 2.6 percent of GDP this year.
Critics say it slashes social spending by 35 percent once inflation is accounted for. The expected blow to education, culture and housing outlays prompted street protests in the capital during the debate.
More:
https://www.chron.com/news/world/article/Argentine-Senate-approves-austerity-budget-13395173.php