Argentina passes Budget Bill for 2016

Buenos Aires, Oct 29: The Argentine Senate has passed the Budget bill for 2016 to be succeeded by the country’s next government, the media reported on Thursday.

The bill was approved by 39 votes in favour and 28 against, EFE news reported.

It expects an inflation of 14.5 percent in 2016, a GDP growth of three percent and an exchange rate of around 10.60 pesos per US dollar.

It also estimates 2.8 percent increase in total consumption, 4.2 percent increase in investment, 3 percent in exports and 4.4 percent in imports, with a positive trade balance of $4.04 billion.

While most of incumbent President Cristina Fernández de Kirchner’s supporters voted in favour, the opposition rejected the bill on grounds it should have been discussed and passed by the new government after it took office in December following the runoff election on November 22.