On Thursday, the Argentine Economy Ministry announced it would grant a US$150 income reinforcement to over 7,5 million informal workers to protect them from the growing inflation prompted by the pandemic and the Ukrainian-Russian armed conflict.
From next week, unregistered and domestic workers will start receiving the first payment, which will be distributed in two US$77 installments between May and June.
Besides setting this bonus, which involves an investment of about $1,750 million, the Ministry increased food aid and reinforced the incomes of about 6,1 million retirees by US$100 to fight the economic recession.
Inflation in Argentina experienced a year-on-year increase of 58 percent. National commodity prices rose by 16.1 percent in the first quarter of the year, representing the most significant national cost increase in three decades.
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May 11, 2022
This situation has generated discomfort among some citizens, who have taken several times to the streets to demand a wage increase that accords to first-need products’ prices and reject the government’s negotiations with the International Monetary Fund (IMF).
With this dialogue, the government seeks to replace the 2018 loan granted to President Mauricio Macri (2015-2019) with an extended facility program that allows to pay off the $44.5 billion debt from 2026 to 2034.
Citizens fear that the debt established is unpayable. However, the economy ministry said that the short-term goals set to achieve the payment, including reducing the fiscal deficit and accumulating reserves from the central bank, are already being met.