November 12th, 2021
1. The general legislative elections will be held on Sunday
The mid-term general elections will be held next Sunday, where 127 seats in Deputies and 24 in Senators are at stake. The Chamber of Deputies will have to renew the seats elected in 2017, the Senate those elected in 2015, when the then coalition of Cambiemos (current opposition) obtained good results. It should be noted that, taking into account the results of the primary, open, simultaneous and mandatory elections (PASO), this election is vital for the ruling party, since it defines the continuity of the quorum it already has in the Senate. Besides, the ruling party is committed to promote a greater participation of the electorate due to the decrease in cases of COVID-19 and thus having the expectation of reversing the results of the primary elections. However, the recent citizen march to protest against insecurity in La Matanza, a key district for the government, may be a influential factor for Sunday’s results.
Ámbito Financiero: Elecciones Generales 2021: 15 preguntas sobre una elección en pandemia
2. October inflation was 3.5%
Three days before the general elections, the National Institute of Statistics and Census (INDEC) released the Consumer Price Index (CPI) for the month of October, which increased by 3.5%. Thus, it accumulates 41.8% so far in 2021 and 52.1% at interannual level. The items with the highest increases were Clothing and footwear (5.1%), Health (4.7%), largely driven by the rise in Prepaid expenses, and Restaurants and hotels (4.1%). In comparison, the less affected sectors were Communication (1.1%), Education (1.4%), and Alcoholic beverages and tobacco (2.2%).
3. The General Confederation of Labor renewed authorities
The General Confederation of Labor (CGT), one of the most representative union entities in the country, held the election of new authorities, whose term of office will be extended until 2025. Thus, the new leadership will be formed by Héctor Daer (Health), Carlos Acuña (Service Stations), and Pablo Moyano (Truck Drivers), as a result of a negotiation between these sectors aiming to achieve the unity of the confederation. Besides, it is worth mentioning that the new authorities will have a 50% quota for women, seeking to increase the participation of female workers. In this same line, close to 1,330 delegates participated, which means 78% of the total number of congressmen; as well as congressional delegates from 151 union organizations confederated in the CGT (close to 70.23%).
4. National government announces price freeze for medicines
At a press conference, the Minister of Health, Carla Vizzotti, and the Secretary of Domestic Trade, Roberto Feletti, announced the freezing of drug prices until January 7, as of November 1. The agreement was announced after a meeting attended by the officials and different representatives of the pharmaceutical sector, among them, the Argentine Chamber of Producers of Generic Medicines and Medicines for Hospital Use (Capgen), the Argentine Chamber of Medicinal Specialties (Caeme), the Business Chamber of Pharmaceutical Laboratories (Cooperala) and the Industrial Chamber of Argentine Pharmaceutical Laboratories (Cilfa). It should be noted that this measure is part of the price control policy that the national government is implementing in other areas such as food, personal hygiene and cleaning products, aiming to guarantee their supply and accessibility.
5. The national government will send to Congress a bill to reach a social and economic agreement
On Tuesday of this week, President Alberto Fernández and the Minister of Economy, Martín Guzmán, held a meeting with businessmen from different sectors in order to reach an agreement on economic matters that includes fiscal convergence, the fight against tax evasion, the generation of employment and the attraction of investments. At the same time, the minister also sought to bring peace of mind regarding the negotiations with the International Monetary Fund (IMF), denying the possibility of a default as well as a devaluation of the currency. The objective of this dialogue will be to reach a ten-point consensus, including the unions, to be sent to Congress to be debated as a bill.