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handle is hein.crs/govehhv0001 and id is 1 raw text is: Congressional Research Service inforni the legislative debate sine 01914 Updated September 29, 2021 Argentina: An Overview Situated on the Atlantic coast of South America's Southern Cone, Argentina has a vibrant democratic tradition and has 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 October 2019 presidential election and was inaugurated to a four-year term in December 2019. He defeated incumbent President Mauricio Macri of the center- right Juntos por el Cambio (JC, Together for Change) coalition by a margin of 48.1% to 40.4%. The election also returned to government former President Cristina Fernandez de Kirchner, from the 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, while in the Chamber of Deputies, neither coalition won a majority. Midterm legislative elections for one-third of the Senate and one-half of the Chamber of Deputies are scheduled for November 14, 2021. In the 2019 presidential election, a unified Peronist ticket and Argentina's economic deterioration, marked by high inflation and increasing poverty, were major factors in Macri's defeat. 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 from a 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 government reimposed currency controls and took other measures to stabilize the economy. Upon taking office, President Fernandez faced an economy in recession, 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 food program and 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, IMF est.). 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% (2019, est.); -9.9% (2020 est.); 6.4% (2021, projected). (IMF) Per Capita GDP: $8,555 (2020, current prices, IMF est.). Key Trading Partners: Exports-Brazil (14.5%), China (9.6%), United States (5.9%); Imports-Brazil (20.5%), China (20.4%), United States (10.3%). (2020, EIU) Legislature: Bicameral Congress, with 72-member Senate and 257-member Chamber of Deputies. Sources: IMF (World Economic Outlook Database, April 2021, and World Economic Outlook Update, July 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 governed under foreign law; in September 2020, it reached a second agreement for almost $42 billion in bonds governed under national law. The Fernandez government also is seeking a new agreement with the IMF to replace the arrangement signed by the Macri government, for which Argentina owes $44 billion. In August 2021, Argentina received $4.3 billion in financing from the IMF as part of a special program to help countries cope with the Coronavirus Disease 2019 (COVID-19) pandemic. Argentina has been hard hit by the pandemic. COVID-19 cases and deaths surged in May and June 2021 but have since declined. As of September 29, 2021, the country reported over 115,000 deaths, with a mortality rate of 255 per 100,000 people, according to Johns Hopkins University. Although the procurement and rollout of vaccines was initially slow compared with some other countries, as of September 29, 48.1% of Argentina's population was fully vaccinated. The IMF estimates Argentina's economy

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