In a statement released Tuesday, the United Nations Children's Fund (UNICEF) alerted Argentina about the economic situation that the country is living in and the "enormous consequences for children and adolescents."
UNICEF, in the statement, urgently called for the Argentinian Government to "prioritize and strengthen the financing of social protection and redouble efforts in favor of children." The statement disclosed that four out of 10 Argentinian children and adolescents lived in poverty compared to the 25.4% poverty rate of the general population.
Argentinians are currently living in a major economic crisis which is based on the Mauricio Macri-led government's austerity policies. The government can estimate a 2.4 percent recession and a 42 percent inflation rate for 2018 and zero growth for the next year, the UNICEF statement declared.
As a response to the crisis, to the high rates of inflation and the historic devaluation record of 40 Argentinian Pesos for every dollar, the president of the chamber of distributors and wholesalers, Alberto Guida, has announced a general increase of around 15 percent the supermarket prices, worsening the inflation crisis.
"What is happening is the presentation of new price lists with an average increase of 15 percent and that is going to be moving in the mediate, but the strong jump will materialize in October," Guida said.
In an attempt to minimize the crisis, Mauricio Macri's government officials tried two measures. The Central Bank, presided by Luis Caputo, sold US$3.5 billion of its devalued peso Tuesday. Finance Minister Nicolas Dujovne also met with International Monetary Fund (IMF) Director Christine Lagarde, in D.C., in an attempt to get an advance on its US$50 billion three-year loan from which it has already received $US15 billion.
The funds released by the IMF come with an economic plan that signifies the implementation of further austerity policies. "We must continue to make every effort to balance the accounts of the State," Mauricio Macri said on Monday.
The austerity measures taken by Macri's Government have shrunk the state size in half, reduce subsidies and social policies. The cutting of subsidies has pushed up inflation by sharply increasing household electricity, heating gas and water, which have sparked several massive anti-government protests.
On Wednesday, President Macri and other officials have been accused of abuse of authority and violation of duty, by federal prosecutor Jorge Di Lello. This comes after opposition leaders filed a lawsuit, on Tuesday, over the aforementioned agreement reached with the IMF.