Argentina’s President Mauricio Macri has announced a withholding tax on exports and the elimination of several ministries amid economic turmoil that has sent the peso to record lows.
Macri said in a televised statement Monday that he will also allocate more economic aid and strengthen food plans for Argentines who suffer from poverty and have been affected by skyrocketing inflation.
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The changes come as Macri attempts to cut the country’s deficit and calm markets.
The peso fell to an all-time low of 39.2 per greenback last week.
Argentina has been forced to impose interest rate hikes and tighten the fiscal deficit target to try to halt the devaluation.
