INSUBCONTINENT EXCLUSIVE:
Despite International Monetary Fund (IMF) pressure to reduce spending, Argentina resists IMF pressure and increases wages and social
protection.The Ministry of Economy has revealed plans to boost public sector wages and allocate more funds to the poorest families and
retirees.Economy Minister and presidential candidate Sergio Massa detailed several initiatives as reported by Bloomberg.These include tax
reductions, increased pension payments, additional funding for family food programs, and low-interest credit lines.Argentina resists IMF
pressure and increases wages and social protection
(Photo Internet reptroduction)Additionally, the new initiative involves financing for export products
about its multimillion-dollar loans, the IMF approved a US$7.5 billion disbursement to Argentina after the country failed to achieve program
targets during a drought.In his address, Massa cited the unprecedented climate crisis and currency devaluation as justifications for
spending controls by capping public wages and pensions.In its statement, the financial institution urged Buenos Aires to implement a
temporary tax hike on specific goods and services to counterbalance the export losses caused by the drought.Argentina is the largest debtor
to the IMF, which, in 2018, provided the Macri government with the most substantial single-country credit in its history.
