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  HOME | Argentina

Argentina Passes Budget Bill for 2016

BUENOS AIRES - The Argentine Senate Wednesday passed the Budget bill for 2016 to be inherited by the country's next government.

The bill was approved by 39 votes in favor and 28 against.

It expects an inflation of 14.5 percent in 2016, a GDP growth of 3 percent and an exchange rate of around 10.60 pesos per dollar.

It also estimates 2.8 percent increase in total consumption, 4.2 percent increase in investment, 3 percent in exports and 4.4 percent in imports, with a positive trade balance of $4.04 billion.

While most of incumbent President Cristina Fernández de Kirchner's supporters voted in favor, the opposition rejected the bill on grounds it should have been discussed and passed by the new government after it took office in December following the runoff election on Nov. 22 between Daniel Scioli and Mauricio Macri from the opposition.

According to Kirchner Senator Juan Manuel Abal Medina, the text "reflects the priorities that the State will carry out in the fiscal year", according to official news agency Telam.

However, for dissident Peronist Senator Carlos Verna, the budget "has nothing to do with reality".

"This budget continues manifesting a regressive tax system," said Socialist Senator Ruben Giustiniani.

 

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