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Argentina cuts various ministries amid economic turmoil

BUENOS AIRES, Argentina — Argentina’s President Mauricio Macri has announced a withholding tax on exports and the elimination of several ministries amid economic turmoil that has sent the peso to record lows.

Macri said in a televised statement Monday that he will also allocate more economic aid and strengthen food plans for Argentines who suffer from poverty and have been affected by skyrocketing inflation.

The changes come as Macri attempts to cut the country’s deficit and calm markets.

The peso fell to an all-time low of 39.2 per greenback last week.

Argentina has been forced to impose interest rate hikes and tighten the fiscal deficit target to try to halt the devaluation.