August 14, 2019 / 1:10 PM / 2 months ago

Argentina's Macri says to cut workers' income taxes and increase welfare subsidies

FILE PHOTO: Argentina's incumbent President and presidential candidate Mauricio Macri is seen on stage during the primary elections, at a convention centre in Buenos Aires, Argentina, August 11, 2019. REUTERS/Luisa Gonzalez

BUENOS AIRES (Reuters) - Argentine President Mauricio Macri said on Wednesday he would increase welfare subsidies and lower workers’ income taxes as part of a package of measures aimed at lessening the impact of the country’s economic crisis.

The embattled center-right leader was soundly beaten by his main Peronist challenger Alberto Fernandez in Sunday’s primary election. Macri said in a televised address he was willing to meet with opposition figures ahead of the October general election, in which he hopes to win a second term.

Gasoline prices will be frozen for 90 days as part of the package of measures announced by Macri. He said he was aware of the financial stress that is blighting families as they contend with recession and the country’s 55% inflation rate.

“I know a lot of families have cut spending so much they no longer know where to cut,” Macri said.

Reporting by Hugh Bronstein; Editing by Chizu Nomiyama

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