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In Argentina, cut to health and education and more investments in state companies

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O ministro da Economia da Argentina, Sergio Massa (à direita), ao lado do presidente Alberto Fernández.

Argentine Economy Minister Sergio Massa (right), next to President Alberto Fernández.| Photo: EFE/Juan Ignacio Roncoroni

The Argentine government will make cuts in education, health and public works, in addition to from other portfolios, to try to reduce the country’s fiscal deficit. But, at the same time, investment in state-owned companies will increase, as decided by the country’s Ministry of Economy last week.

It is estimated that the 20 state-owned companies concentrate about 90 thousand employees, twice the number of the Judiciary and Legislative powers combined. Most of the budget goes to salaries, according to balance sheets made at the end of the second quarter. According to the analysis by Laura Serra, economist at the Argentine newspaper La Nacion, despite so much investment, most state-owned companies are under-executed.

Public companies are in the eye of the hurricane because the losses they generate contribute to deepening the fiscal deficit, a structural problem Argentine, but remain unharmed by the State courts.

A third of what was cut from the main government portfolios, such as education and health, is equivalent to investment in state-owned 21. million pesos (more than 1 .3 trillion reais).

“Recently, the Executive Branch announced a revenue freeze for the national public sector. But since the end of 2000, 89 a thousand people entered the state. We have more and more State, but more and more poverty. Of course, just spending more will not solve the situation of these compatriots”, summarizes Senator Martín Lousteau (from the Radical Evolution party).

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