The Mauricio Macri government
will implement a series
of austerity measures aimed
at saving the national economy
65.5 billion pesos (US$2.25 billion) in
the next 16 months, the Treasury Ministry
The measures, which are the first
concrete package of savings since the
government signed off on a US$50
billion stand-by loan deal with the International
Monetary Fund (IMF), are
aimed specifically at the agricultural
sector, including the suspension of
planned tax cuts on soy oil and flour
exports for six months, Treasury reported.
The government has stripped the
country’s provinces and municipalities
of a fund through which they could
access 30 percent of the total income
generated from soy exports.
The amount paid to them in the way
of export duty rebates was also cut, by
66 percent, on the basis that tax reform
and a fiscal agreement signed in February
with provincial governors had
recompensated producers for previous
indirect export tax implications.
The government hopes to save 12.5
billion pesos in what remains of 2018
and another 53 billion during 2019,
the Treasury Ministry announced in a
A delegation of IMF technical officials
will visit the country on Monday.
When it comes to export duties on
soy, the government has maintained
the planned decrease in soybean levies.
However, according to official data, soy
levies have been continually dropping,
from 35 percent in 2015 for soy beans
to the current 26 percent, with a forecasted
18 percent by December, 2019.
With regards to oils and flours, levies
have dropped from 32 percent in 2015
to the current 23 percent and are also
expected to reach 18 percent by December
next year. The additional income
for the national coffers is expected
to be 1.5 billion pesos in 2018 and 12
billion in 2019, the Treasury Ministry