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Lower House Approves Reform Bill, April Economic Activity Due

ARGENTINA
  • The Lower House of Congress approved President Milei’s reform bill early on Friday, in a final 147 to 107 vote. The Lower House also voted to bring back income taxes in the fiscal bill as part of the package of reforms in a 136 to 116 vote, reversing the Senate’s bid to undo the measure, before approving a tax amnesty measure in the fiscal bill as well.
  • In a speech on local TV later, Milei said that he will work on changes to the country’s monetary policy and currency controls now that Congress has passed his main package of economic reforms. He said the fundamentals are in place for an economic recovery and that dollarisation will come naturally in Argentina.
  • On the data front, economic activity is expected to rise by 0.3% m/m in April, following a 1.4% decline in March (2000BST/1500ET). In annual terms, analysts expect activity to fall by 3.5% y/y, improving from an 8.4% decline the month before.
    • April Economic Activity Index YoY, est. -3.5%, prior -8.4%
    • April Economic Activity Index MoM, est. 0.3%, prior -1.4%
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