Argentinian President Unveils Measures To Boost Economy After Heavy Defeat In Primaries

(@ChaudhryMAli88)

Argentinian President Unveils Measures to Boost Economy After Heavy Defeat in Primaries

BUENOS AIRES (UrduPoint News / Sputnik - 14th August, 2019) Argentinian President Mauricio Macri announced on Wednesday a set of measures to support small businesses and ease the economic pressure on people struggling with unemployment and inflation after opposition secured a resounding victory at the presidential primaries.

During the primaries on Sunday, the center-left opposition got ahead of the current president's team, winning 48 percent of the vote, followed by Macri's 32 percent. The primaries results caused the national Currency to slump by almost 30 percent. The country's main stock exchange index collapsed by 38 percent, which became one of the worst indicators in history. Many shops have already announced to raise prices by 15 percent.

"I hesitated to do [the press conference] because I was still very affected by the result of Sunday.

Also, without sleep and being sad about the consequences it had on the economy. But I prioritised [attending the conference] to calm doubts and anxieties," Macri was quoted as saying by the Buenos Aires Times newspaper.

The president announced a freeze on petrol prices for 90 days, a boost to child-care benefits, extra tax exemptions for lower-income citizens and special conditions for small and medium-sized companies to pay taxes.

"I understand your anger, your fatigue ... I only ask you not to doubt the work we did together... there is too much at stake," the president said.

The presidential election in Argentina will be held in October.

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