Argentine provincial fiscal surplus hits 14-year low as spending increases

Argentina's federal government faces significant pressure to meet IMF fiscal targets due to declining tax revenues from an ongoing recession and increased provincial spending. In response, the government has introduced a tax amnesty bill to formalize undeclared foreign currency holdings and informal capital, aiming to boost liquidity and revenue. The efficacy of these measures is uncertain amidst persistent consumer confidence declines and real-term consumption contraction.