New Economy Minister tasked with keeping IMF on board
President Mauricio Macri changed his economy minister four months before the end of his term and in the midst of severe market turmoil.
Macri is under increasing pressure from the provinces and the IMF. The tax cut and spending boost announced immediately after his defeat at the voting booth opened two new fronts for the national administration, as the cash for the reforms would come from the governors’ pockets and through a potential increase in the federal budget deficit.
A team of International Monetary Fund (IMF) experts is expected in Argentina soon to complete its fifth review and decide whether to approve the latest disbursement of its massive $56 billion loan with the country, although no date has yet been announced following reports that the latest developments would delay their arrival.