In a social media post, the Argentine government celebrated the approval of the economic reforms, criticizing the opposition and its “usual accomplices” for delaying the project for months.
Both bills were significantly changed from the initial versions by the government, which negotiated to win allies in Congress, where it holds only a small minority of seats.
“The size of the project has been scaled down significantly if you look at the original project,” local investment firm Wise Capital said. “But the ruling party will be able to agree to a structure that allows it to implement the measures it deems necessary to rebuild the Argentine economy.”
Miley, who inherited an economic mess with economic inflation Triple-digit reserves, negative net foreign exchange reserves and a deteriorating economy have focused heavily on putting the country's finances in order through strict austerity. It succeeded in containing rising prices, rebuilding reserves, and recording a fiscal surplus, despite the economy suffering a severe blow.
After approval by lawmakers in April and by senators this month, the chamber will now vote on the changes made in the upper house. It is expected to accept a shortlist of state-owned companies to be privatized and changes to the investment incentives plan.
However, the government hopes to reinstate some of the items related to taxes and personal property that were removed in the Senate.
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