03.
09.18
16:15

IMF loan: Argentina again wants to raise tariffs on grain exports

The Argentine government today unveiled its plans to restore the state budget for next year. Thereafter, the grain exports should again be covered by export duties. In addition, a number of ministries are to be closed. The International Monetary Fund (IMF) has pledged $ 50 billion to the South American country. Argentina has introduced a general export tax to cover the high budget deficit. After a strong dive of the peso, head of state Mauricio Macri demanded on Monday a contribution from the exporters to overcome the current financial crisis.
The Argentine currency has lost more than 70 percent of its value against the dollar over the past five months. The president also announced a drastic cut in his government team: According to the number of ministers shrink from 19 to less than half.
The new export taxes in Argentina seem to be around ten percent. This allows the state to cover half of the current budget deficit.

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