One eve of vote, Argentina's Massa announces $500 mln in new loans
BUENOS AIRES, Aug 12 (Reuters) - Argentina will sign loans worth $500 million with international lenders next week, Economy Minister Sergio Massa announced on Saturday, the day before a primary election in which he is running for president to lead the embattled ruling coalition.
In a ministry statement laying out economic policies to be formally rolled out next week, Massa also pledged to propose a "zero deficit" government budget for next year that would not overspend.
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Lawmakers, however, are not scheduled to take up the 2024 budget until September.
Voters head to the polls on Sunday for the obligatory nationwide vote in which Massa's center-left Peronist coalition hopes to hang on to power despite widespread anger over a prolonged economic crisis marked by triple-digit inflation and the steady erosion of the local peso currency.
The $500 million in loans will be signed with the Inter-American Development Bank and the World Bank, according to the statement, which will boost the central bank's critically-low foreign reserves.
The ministry also said it will announce tax benefits allowing businesses to use non-declared funds for imports, and a call for bids for a major natural gas pipeline project.
Argentine traders are keeping a close eye on Sunday's election, which could point to the likely outcome of the general election in October. (Reporting by Lucila Sigal; Writing by David Alire Garcia; Editing by Sandra Maler)