Senate approves 2013 Budget bill

The Upper House of Congress were debating the Budget 2013 bill, which already counts with the approval of the Lower House.

The budget bill had already been passed by the Lower House and it was finally turned into a law as the ruling party and its traditional allies hold the majority.

Senator Fernández, the first one to address his colleagues during the long debate that went past press time, praised the current economic policy and said “the national government’s priority is economic growth rather than inflation goals.”

Likewise, Radical Senator Laura Montero announced the UCR would vote against the bill and described the budget as “deceitful.”

According to the budget, the country will grow at a 4.4 rate, inflation will be 10.8 percent and the official dollar exchange rate will be 5.10 pesos. The surplus is estimated at 55 billion pesos, with a positive trade balance of 13,500 million dollars. Moreover, tax collection is expected to grow 22.7 percent.