(UTV|COLOMBO) – Argentina is expected to announce a raft of spending cuts on Monday (03), in an attempt to contain the country’s acute currency crisis.
The Peso has lost roughly half its value this year, despite the central bank’s effort to stabilise it by raising a key interest rate to 60 per cent.
President Mauricio Macri has pledged to tackle the country’s ballooning debt.
Around 10 Government Ministries are likely to be axed as a result, according to media reports.
The measures come as Argentina’s Finance Minister, Nicolas Dujovne, prepares to travel to Washington on Tuesday (04) to meet with the head of the International Monetary Fund (IMF), Christine Lagarde.
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