Argentine Congress approves 2023 budget, sees inflation slowing

BUENOS AIRES, Nov 16 (Reuters) – Argentina’s Senate on Wednesday passed President Alberto Fernandez’s 2023 budget, which forecast economic growth of 2% and annual inflation of 60% next year.

Thirty-seven lawmakers voted in favor of the budget, concluding a process that began last month with approval in the country’s lower house.

Inflation of 60% next year would be an improvement in the South American country, where prices rose 88% in the year through October, government data showed this week.

“The budget aims to achieve economic stability, which is why objectives were set to promote fiscal discipline, address the trade surplus, strengthen reserves in the Argentine central bank and promote development with social inclusion,” said ruling party Senator Ricardo Guerra.

The approval of Fernandez’s budget follows an unsuccessful debate in Congress last year, when legislators failed to reach a consensus around a new budget for 2022.

(Reporting by Eliana Raszewski; Writing by Carolina Pulice; Editing by Sandra Maler)

((carolina.pulice@thomsonreuters.com))