Budget 2021: the Senate approved the bill, but …

The Senate approved the Bill of Budget 2021, which forecasts a total expenditure of 8.3 billion pesos for next year, of which 7.5 billion will correspond to current expenditure, with 45 affirmative votes, 2 negative and 23 abstentions.

The project, which already had half the approval of the lower house, must now go back to Members following an error recorded in sending the attached forms, as reported by the chairman of the Senate Budget Committee, Carlos Caserio.

The so-called “law of laws” estimates that inflation for the whole of 2021 will be around 29% and that the price of the official dollar, in December of next year, will be 102 pesos.

After successful negotiations with private creditors, the project indicates that interest payments on debt will be reduced from 3.5 to 1.5% of GDP, while exports are expected to grow by around 10.2. % and an increase in imports of 20.4%, with a trade surplus of approximately US $ 15,087 million.

“Opposition senators speak as if during the four years of Mauricio Macrio’s government absolutely nothing had happened”, lamented the senator of the Frente de Todos María de los Ángeles Sacnun, who opened the debate as an informant member, and assured that this first budget of the administration of Alberto Fernández represents “the opportunity to resume the path development, employment and defense of national industry ”.

In this tone, Sacnun recalled that the economy during the macrismo was that of “financial appreciation, foreign debt and capital flight” and insisted the 2021 budget goes “towards economic recovery and budgetary stability with a huge investment in productive infrastructure, health and education ”, points that had been reduced under the government of Juntos por el Cambio.

In the same vein, Senator Jorge Taiana assured that the draft budget which the Upper House is discussing “is not the one desired” but that it is an “emergency” proposal, which will help Argentina “get out of the pit” and strengthen “an economic recovery in the months to come.”