Argentina's President Mauricio Macri announced new taxes on exports and the elimination of several ministries on Monday in a bid to halt economic turmoil that has sent the peso to record lows. Macri, a pro-business conservative who took office in 2015, promised to trim Argentina's fiscal deficit, reduce poverty and curb inflation, but has struggled under the weight of the country's economic problems. The latest moves come as he seeks to calm markets and restore confidence to Argentines who continue to lose purchasing power. He also acknowledged that a tax on exports is "very bad," but said that it was necessary because there was an "emergency" situation. Dujovne said austerity policies would enable the government to liquidate its fiscal deficit in 2019, allowing it to meet requirements of the financing deal with the IMF earlier than expected.

Source: ABC News September 03, 2018 13:32 UTC