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1 [1] (October 2, 2020)

handle is hein.crs/govdcbp0001 and id is 1 raw text is: xa S 1,k Argentina: An Overview Situated on the Atlantic coast of South America's Southern Cone, Argentina has a vibrant electoral democracy and Latin America's third-largest economy. U.S.-Argentine relations have been strong in recentyears. Figure I. Map of Argentina A RCENi INA Source: CRS. ~~~~Mard 1-,4-(,-,'. Current President Alberto Ferndndez of the center-left Peronis t Frente de Todos (FdT, Front for All) ticket won the October 2019 presidential election and was inaugurated to a four-year termin Decemnber 2019. He defeated incumnbent President Mauricio Macri of the center-fight Jun tospor el Cambio (JC, Together for Change) coalition by a solid margin of 48. 1% to 40.4% but by significantly les s than the 15 to 20 percentage points predicted by polls. The election also returned to government former President Cristina Ferndndezde Kirchner, fromthe leftist wing of the Peronist party, who ran on the FdT ticket as vice president. In concurrent legislative elections, the FdT won a Senate majority; in the Chamnber of Deputies, the JC won the larges t bloc (but not a majority) and the FdT won the second-largestbloc. A unified Peronist ticket and Argentina's economic deterioration in 2018 and 2019, marked by high inflation and increasing poverty, were major factors in Machi's defeat. Elected in 2015, Macri had ushered in economic policy changes in 2016-2017 that lifted currency controls;, reduced or eliminated agricultural export taxes; and reduced electricity, water, and heating subsidies. In 2018, as the economy faced pressure froma severe drought and large budget deficits, the International Monetary Fund (IMF) supported the government with a $57 billion program The reforms and IMF support were not enough to stem economic decline, and the governmentreimposed currency controls and tookother measures to stabilize the economy. Argentina at a Glance Population: 45.1 million (2019,IMFest.). Area: 1.1 million square miles, aboutthe size ofthe United States east of the Mississippi. GDP: $445 billion (2019, current prices, IMF est.). Real GDP Growth: 2.7% (20 17); -2.5%(20 18); -22% (2019, est.); -9.9 (2020 projected) (IMF) Per Capita GDP: $9,888 (2019 current prices, IMF est.). Key Trading Partners (total trade): Brazil (19.5 %), China ( 13.7%), United States ( 12.5%) (2Q 19, TDM). Legislature: Bicameral Congress, with 72-member Senate and 257-member Chamber of Deputies. Sources: IMF (World Economic Outlook Database, October 2019 and April 2020. and World Economic Outlook Update June 2020) and Trade Data Monitor (TDM). Upon taking office, PresidentFemdndez faced an economy in recession, high poverty, and unsustainable public debt. He pledgedto restructure Argentina's debt and opened taks with bondholders and other creditors. He also rolled out several measures, including a foodprogramand price controls on basic goods, aimed at helping low-income Argentines cope with inflation and increasedpoverty. The Fernndezgovernment's swift actionimposing strict quarantine measures in March 2020 due to the onset of the Coronavirus Disease 2019 (COVID-19) pandemic initially had a significant effect in keeping the deathrate low. By July 2020, however, the number of confirmed cases and deaths hadincreased significantly. As of October 2, 2020, the country reported 20,288 deaths (45.60 deaths per 100,000), according to datafromJohns Hopkins University. In June 2020, the IMF forecast an economic contraction of 9.9% in 2020 because of the pandemic-related economic shutdown. Poverty increased to almost47% at the end of June 2020 from almost 41% at the end of 2019. Private creditors did not accept the Femnndez government's initial May 2020 debt restructuring offer, but negotiations with bondholders continued and led to an August 2020 restructuring agreement for $66 billion in bonds governed under foreign law. The government reached a second debt restructuring agreement in September2020 for almos t $42 billion in bonds governedunder locallaw. The government also wants to negotiate a new agreement with the IMF to replace the arrangement signed by the Macri government, for which Argentinaowes $44 billion. A .2 '..* .<* .. Updated October 2,2020

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