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1 [1] (June 4, 2021)

handle is hein.crs/govedom0001 and id is 1 raw text is: Updated June 4, 2021 Argentina: An Overview Situated on the Atlantic coast of South America's Southern Cone, Argentina is an electoral democracy andhas Latin America's third-largest economy. U.S.-Argentine relations have been strong in recent years. Source: CRS. Political and Economic Environment Current President Alberto Fernandez of the center-left Peronist-led Frente de Todos (FdT, Front for All) coalition won the October2019 presidential election and was inauguratedto afour-yeartermin December2019. He defeated incumbentPresident Mauricio Macriof the center- right Juntospor el Cambio (JC, Together for Change) coalition by a margin of 48.1% to 40.4%. The election also returned to government former President Cris tina Fernandezde 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 Chamber of Deputies, the JC won the largest bloc (but not a majority) and the FdT won the second-largestbloc. A unified Peronist ticket and Argentina's economic deterioration, marked by high inflation andincreasing poverty, were major factors in Macri's defeat. Macrihad 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 facedpressure froma severe drought andlarge budget deficits, the International Monetary Fund (IMF) supported the government with a $57 billion program. The reforms and IMF s upport were not enough to stemeconomic decline, and the government reimposed currency controls and tookothermeasures to stabilize the economy. Upon taking office, PresidentFernandez faced an economy in reces sion, high poverty, and unsustainable public debt. He pledged to restructure Argentina's debt and opened talks 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 increased poverty. Argentina at a Glance Population: 45.4 million (2020, IMFest.). Area: 1.1 million square miles, about the size of the United States east of the Mississippi. GDP: $388 billion (2020,current prices, IMF est.). Real GDP Growth (constant prices): -2.1 o (2019, est.); -10.0*% (2020 est.); 5.8% (2021, projected). (IMF) Per Capita GDP: $8,555 (2020, current prices, IMF est.). Key Trading Partners: Exports-Bazil (14.5*o),China (9.6*o), United States (5.9o); Imports-Bazil (20.5*o), China (20.4%), United States (10.3%). (2020, EIU) Legislature: Bicameral Congress, with 72-member Senate and 257-member Chamber of Deputies. (Elections for one- third of the upper house and one-half of the lower house are scheduled for November 2021). Sources: IMF (World Economic Outlook Database, April 2021) and Economist Intelligence Unit (EIU). Negotiations with bondholders led to two debt-restructuring agreements with private creditors in 2020 for over $100 billion in bonds. In August 2020, the government reached an agreement for $66 billion in bonds governedunder foreign law; in September 2020, it reached a second agreement for almost $42billion in bonds governedunder locallaw. The Fernandez government also is s eeking a new agreement with the IMF to replace the arrangement signed by the Macri government, for which Argentinaowes $44 billion. Like other South American countries, Argentina has been hard hit by the Coronavirus Disease 2019 (COVID-19) pandemic. Cases and deaths have surged in recent months. As of June 4, 2021, the countryreported almost 80,000 deaths, with a mortality rate of 177 per 100,000 people, according to Johns Hopkins University. The procurement and rollout of vaccines has been slow compared with some other countries, andsome analysts maintain that vaccine availability will not be widespread until2022. According to the New York Times vaccination tracker, Argentinahad fully vaccinated6.5% of its population as of June 4. To date, over half of Argentina's administered doses have been iqress.o'

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