ECONOMY The Gov’t launches a commission to analyze and reform the subsidies’ system

Télam. National News Agency of Argentina. Nov. 2, 2011. During a joint press conference today, the Economy and Federal Planning Ministers, Amado Boudou and Julio De Vido, announced that a commission has been set up, to analyze and reform the system of subsidies applied by the Federal Government.

Nevertheless, Boudou made clear that “subsidies shall continue being a key tool for the growth of Argentina. But they must be ruled by a principle of equity, competitiveness, creation of jobs and full employment through industrialization”.

The goal of the commission, he added, “is to decide what aspects are convenient to change, so subsidies remain being a tool for development and growth”.

Boudou also said that the policy of subsidies applied since 2003 “served the purpose of re-industrializing the country and had a positive impact on the economy. Also, to incorporate sectors of the population that were practically out of the market and to improve the transport system.

De Vido stated that the changes will produce an annual saving of AR$ 600 million, and made clear that the present gas, electricity and drinking water tariffs will not be affected.

De Vido also announced that the subways and pre-metro services, now under the jurisdiction of the Secretariat of Transport, will be transferred to the Autonomous City of Buenos Aires.

He also reminded that since 2003 the Federal Government has spent AR$ 1.700 million in both services and last year it provided subsidies amounting to AR$ 706 million.

De Vido and Boudou said that the elimination or reduction of subsidies will affect the financial sector, and later the international airports, the port terminals, the mobile phone companies and the hydrocarbons sector.




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