Argentina's efforts to restore confidence: 10 ministries would be chopped in austerity push

Source: LinkedIn
By: Aldo Leporati
09.03.2018

The government knew that it should take measures that give signals to regain confidence in its voters who asked for a change and convince the nervous investors that they can pay their debts. Argentine President Mauricio Macri plans to eliminate several ministries of the federal government as his administration seeks to reduce the budget deficit to quell a run on the peso as a sign of reducing the primary deficit. A gesture of necessary austerity. Because the government that declared austerity must now accompany its statements with facts and with a communication that proves it. The question of many: what will be the new structure of the 95 current secretariats, 127 undersecretaries, 21 general coordination units in the new ministries, including the Chief of Cabinet of Ministers.

Following the firm commitment with the IMF, Macri is considering a reorganization of the cabinet, reducing the number of ministries (currently 19), implementing new austerity measures and setbacks in its promise not to tax agricultural exports. Macri announced that he decided to modify export taxes on grains, oilseeds and their by-products. Argentina is the world's leading exporter of soybean meal and soybean oil, and a major exporter of raw corn, wheat and soybeans.

From the opposition and the market ask for a strong economy minister. The technical teams worked overtime during the weekend preparing the series of measures that will be announced and expected to be presented to the IMF. Hundreds of layoffs are expected in state companies and government ministries. The ministries of Science, Culture, Energy, Agriculture and Tourism would merge or cease to exist as independent entities.

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