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Monday, September 03, 2018, 22:31
Argentina announces new taxes, ministry cuts amid turmoil
By Associated Press
Monday, September 03, 2018, 22:31 By Associated Press

A journalist's phone, showing a pre-recorded video of Argentine President Mauricio Macri giving a message, lies on a chair at the Economy Ministry ahead of a press conference with Treasury Minister Nicolas Dujovne in Buenos Aires, Argentina, Sept 3, 2018. Amid economic turmoil, Macri announced a withholding tax on exports and the elimination of several ministries. (NATACHA PISARENKO / AP)

BUENOS AIRES — Argentina's President Mauricio Macri announced new taxes on exports and the elimination of several ministries on Monday in a bid to halt economic turmoil that has sent the peso to record lows.

Macri said in a televised statement that he will also allocate more economic aid and strengthen food plans for Argentines who suffer from poverty and have been affected by skyrocketing inflation.

READ MORE: Argentina hikes interest rate to 60%; peso plunges

The changes come as Macri attempts to cut the country's deficit and calm markets.

Argentina's Treasury Minister Nicolas Dujovne gives a news conference in Buenos Aires, Argentina, Sept 3, 2018. (NATACHA PISARENKO / AP)

The peso fell to an all-time low of 39.2 per greenback last week.

ALSO READ: IMF studying Argentina request for early help as peso crashes

Argentina has been forced to impose interest rate hikes and tighten the fiscal deficit target to try to stop the devaluation.

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