Argentina’s Mauricio Macri unveils relief measures but fails to calm peso

War or words breaks out between Brazilian President Jair Bolsonaro and primary election winner Alberto FernandezNewspapers report the economic announcements made by President Mauricio Macri at a newsstand in Buenos Aires, Argentina, August 14 2019. Picture: RICARDO CEPPI/GETTY IMAGES

Facing likely defeat at the October presidential election, Macri said he would raise the income tax bracket floor by 20%, paving the way for a tax cut for 2-million workers. The tax break will be about 2,000 extra pesos per month per person. “Because of the seriousness of the situation, the risk is that we end up without reserves and that the Fund ends up turning its back on us,” the presidential candidate told El Destape Radio, referring to Argentina’s $57bn standby agreement with the International Monetary Fund.

He said fuel prices would be frozen for 90 days as part of his plan. The new measures will cost the government about $678m, the government said.Get our news and views in your inbox

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