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1 [1] (October 17, 2019)

handle is hein.crs/govbbkn0001 and id is 1 raw text is: $, Congressional Research Service [nfrmInf qthe leg ilive debates snce 1914 Updated October 17, 2019 Argentina: An Overview Political and Economic Environment Current President Mauricio Macri-leader of the center- right Republican Proposal and the Cambiemos (Let's Change) coalition representing center-right and center-left parties-won the 2015 presidential election in a close race. Macri defeated the candidate of the leftist faction (Front for Victory, or FPV) of the Peronist party (officially known as the Justicialist Party) led by outgoing President Cristina Fernindez de Kirchner, who was ineligible to run for a third consecutive term. Mach's election ended 12 years of FPV rule by the Kirchners (N6stor Kirchner, 2003-2007, and Cristina Fernfndez, 2007-2015). The Kirchners' rule helped Argentina emerge from a severe economic crisis in 2001- 2002 but was characterized by protectionist and unorthodox economic policies and increasing corruption. Source: CRS. President Macri moved swiftly to usher in economic policy changes. His government lifted currency controls; reduced or eliminated agricultural export taxes; and reduced electricity, water, and heating gas subsidies. The government reached a deal with private creditors in 2016 that ended the country's 15-year default, which allowed the government to repair its rogue debtor status and resume borrowing in international capital markets. Although adjustment measures contributed to almost 2.1% economic contraction in 2016, the economy grew by 2.7% in 2017, according to the International Monetary Fund (IMF). In early 2018, the IMF was forecasting almost 2% growth for the year, but Argentina's economic difficulties, including a severe drought affecting agricultural exports, higher financing costs, and large budget deficits, thwarted those expectations. The economy ultimately contracted httpa:icrarep 2.5% in 2018, and the IMF projects for a contraction of 3.1% in 2019. As pressure on the peso increased in 2018, the government turned to the IMF for support, which approved an agreement to provide $57 billion in support through 2021. To date, the IMF has conducted four performance reviews of Argentina's progress under the program, with a total of $44.1 billion made available. Argentina at a Glance Population: 44.6 million (2018, IMF est.). Area: 1.1 million square miles, about the size of the United States eazst of the Mississippi. GDP: $519 billion (2018, current prices, IMF est.). Real GDP Growth: 2.7% (2017, IME est.); -2.5% (2Q18, IMF est.); -3.1%'o (2019, projected) Per Capita GDP: $11,658 (20 18, current prices, IMF est.). Key Trading Partners (total trade): Bra-,zil (21. 1%'), Chinai (I2.8%), United States (9.3%) (2018, INDEC). Legislature: Bicaminerazl Congress, with 72-miember Senate and 257-member Chamber of Deputies. Sources: Intermnitional Monetary Fund (IMF) and tion ial Institute of Statistics aznd Census, (INDEC, Argentina). October 2019 Presidential Race. Argentina's economic difficulties have taken a toll on President Mach's popularity and are a major factor in his bid for reelection; after Mach's poor performance in an August 11 combined primary, many observers view his reelection as unlikely. A first presidential electoral round is scheduled for October 27, 2019, along with elections for one-half of the Chamber of Deputies (the lower house of Argentina's Congress) and one-third of the Senate. In the presidential race, if no candidate receives 45% of the vote (or 40% and finishes 10 percentage points ahead of the second-place candidate), then a second round will be held in November. The race is essentially a competition between the center- right coalition of Macri and his Peronist vice presidential running mate, Miguel Angel Pichetto, (dubbed Juntos por el Cambio or Together for Change), versus the center-left Peronist ticket of Alberto Fernindez and former President Cristina Fernfndez de Kirchner for vice president (dubbed Frente de Todos or Front for All). In the August 2019 combined primary, which included 10 presidential tickets, Fernfndez's coalition defeated Mach's coalition by a vote of 47.7% to 32.1%. Mach's poor performance triggered a run on the peso, wiping out about a quarter of its value. Macri subsequently announced emergency measures to provide relief to those suffering from the sharp devaluation, and he is seeking to defer payments on IMF loans. In early September, his osqcongress gov

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