Argentina’s change: This time voters choose a pro-business president

The central bank is running low on dollars, the peso currency is overvalued, inflation is in double digits and the fiscal deficit is estimated at about 7% of gross domestic product.

According to Bloomberg, Macri’s administration vowed to “open up” Argentina’s economy and diversify decision-making by reducing the economy ministry’s current power, granted by outgoing President, Cristina Fernandez de Kirchner.

Later, as mayor of Buenos Aires, he was known for a technocratic manner that stressed efficiency over style.

Argentina elected pro-business candidate Mauricio Macri in a presidential election Sunday.

Merely hours after Mauricio Macri’s victory in Argentina’s presidential election, Pampa Energia has filed an equity follow-on offering, ready to ride the wave of buoyed investor sentiment in the country.

“She has vast and detailed knowledge of the agenda that moves the world”, Macri said in a statement.

A civil engineer by profession, the president-elect hails from the city of Tandil in Buenos Aires state and is the son of one the country’s richest men, Franco Macri, a construction magnate.

Scioli has warned that would trigger a brutal devaluation of the peso, weakening ordinary Argentines’ incomes.

The son of an Italian-Argentine construction magnate, the 56-year-old inherits a fragile economy.

Macri plans to seek Venezuela’s suspension from South America’s Mercosur trade bloc because of accusations of rights abuses by President Nicolas Maduro’s socialist government.

Macri’s inauguration is scheduled for December 10.

Mr Scioli had pledged to continue the programme of economic and social development begun by his predecessors Cristina Fernandez and her late husband Nestor Kirchner.

The term of the President of Argentina is of four years and a President can be re-elected for another term.

Macri’s own background and the bruising campaign could feed into Argentina’s political polarization after more than a decade of left-leaning government. Macri stated he’ll implement spending cuts & a slate of free-market policies in that will reverse the controls on the economy instituted by Fernandez. This was the first time run off vote was held in the history of Argentina on November 22, 2015.

Policy changes such as eliminating hefty taxes on grain exports and revamping highly questionable economic data resources, long viewed as manipulated by the outgoing government, are regarded as early tests of the new president’s commitment to bring change.

Paraguay’s foreign minister, Eladio Loizaga, also took the opportunity to respond to Macri, saying that he would “take note” of the Argentine leader’s proposal though insisting on the stability of Venezuela’s democratic institutions.