situation report

Aug 14, 2019 | 14:38 GMT

1 min read

Argentina: Macri Announces Plan to Soften Impact of Economic Crisis

What Happened: President Mauricio Macri has announced several measures meant to soften the impact of Argentina's economic crisis, including freezing gasoline prices, increasing welfare subsidies and reducing income taxes, Reuters reported Aug. 14.

Why It Matters: Macri, seeking to shore up public support after a poor performance in Aug. 11 primary elections, will likely continue to follow a populist agenda ahead of the Oct. 27 presidential election.

Background: Argentina's economy has been mired in crisis since Macri's government signed a $56 billion bailout from the International Monetary Fund, followed by wide-ranging austerity measures and a spike in interest rates. Alberto Fernandez, the chief competitor for Macri's seat, secured 47.7 percent of the vote in the primary, while Macri received just 32.1 percent.

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