Home  |  News  |  Photo  |  Video   |  Travel  |  Learn Chinese  |  Opinions  |  EZFM  |  NEWS Plus  |  CHINA PLUS
Argentina to Remove Subsidies on Electricity
   2016-01-30 19:33:17    CRIENGLISH.com      Web Editor: Guo Jing

Shoppers browse at an electronics and appliance store in Buenos Aires, Argentina, on Thursday, Dec. 17, 2015. [Photo: CFP]

Argentina's energy minister on Friday announced that the country will remove electricity subsidies.

Juan Jose Aranguren said the government of newly-elected President Mauricio Macri aims to reduce subsidies by 4 billion US dollars this year, as part of a drive to reduce a gaping deficit that widened sharply under the government of former President Cristina Fernandez de Kirchner.

Aranguren said the subsidies were not directed towards low-income consumers, but mostly benefited high earners.

"With the new pricing policy we are hoping to be successful and meet the guidelines that we have set, to save $4 billion dollars. Now, remember that the subsidies are not money that the state gives to its citizens graciously. It is a re-allocation of resources from one part of the public to another part of the public. In the specific case of electricity, this re-allocation of resources has been from low-income sectors to high-income sectors which receive the majority of subsidies."

He explained the old subsidy system had favoured residents of the capital Buenos Aires, who typically pay rates five times lower than in other provinces.

Leading utility firms Edenor and Edesur, which distribute power to metropolitan Buenos Aires have posted losses for several years as power rates stayed low even as inflation surged.

Aranguren added that the rates would be reviewed again in six months time.

  Recommended
CRI Interview with Former Australian Foreign Minister
At the 5th World Peace Forum, CRI had an exclusive interview with Bob Carr, Former Australian Foreign Minister.
Along the Silk Road: Haji Fida Hussain--Pakistani Export Tycoon
Pakistani businessman Haji is exporting Chinese goods all over the world.


Share

               


CRIENGLISH.com claims the copyright of all material and information produced originally by our staff. No person, organization and/or company shall reproduce, disseminate or broadcast the content in any manner whatsoever without the express written permission of CRIENGLISH.com.

CRIENGLISH.com holds neither liability nor responsibility for materials attributed to any other source. Such information is provided as reportage and dissemination of information but does not necessarily reflect the opinion of or endorsement by CRI.

                         
News
China
World
Politics
Business
Sports
Showbiz
Sci-tech
Photo
Recommended
China
World
Sports
Showbiz
Travel
Video
C4
The Sound Stage
Showbiz
Travel
China Revealed
My Chinese Life
Travel
Destinations
Photo Gallery
Recommended
Learn Chinese
"In" Chinese
Chatting in Chinese
Pop Culture
Traditional Culture
Living Chinese
Chinese Studio
Chinese Class
Learn English
Special English
Pop Chart
Everyday English
Fabulous Snaps
CRI News
China.org.cn  | Xinhua  | People's Daily Online   |  CNTV.cn  | China Daily  |  Global Times  | China Job  |  China Tibet Online  | Taiwan.cn  | eBeijing  | Beijing Today  | China-Eurasia Expo  | APEC Yiwu Conference  | Chinese Embassy in S.Africa  | Chinese Embassy in Australia  | Chinese Embassy in NZ