The Argentine government will tax exports to raise revenues and balance its budget a year earlier than planned. The measures follow Peso’s declines and investors' growing concerns over Argentina’s debt financing/repayment abilities.
President Mauricio Macri said that Argentina will also eliminate about half of the current cabinet ministries to curb spending. The government aims to get its budget balanced by next year and generate a budget surplus in 2020, as mentioned by Treasury Minister Nicolas Dujovne.
The peso is undergoing a rough patch in recent times. The peso fell -16% after Macri unexpectedly requested for faster payments from the IMF last Wednesday. The peso is down more than -45% against the U.S. dollar this year.