Overview
- The Executive formally submitted the Presupuesto 2027 to the Chamber of Deputies on Tuesday, starting the legislative process that will move into committee hearings in early October.
- The budget sets macro targets of 4% GDP growth, an average annual inflation near 21.1%, a roughly 25.4% wage recovery and an average peso-dollar rate around 1,728.
- Chief of Cabinet Diego Santilli launched a rapid round of meetings with seven governors to secure votes for the budget as well as a stalled electoral-reform package and a planned Malvinas sovereignty bill.
- Questions about fiscal credibility have emerged because the draft raises planned transfers and public investment on paper while official data show transfers to provinces fell sharply year-to-date and execution of those funds is low, and reporting has used inconsistent inflation figures (18% versus 21.1%).
- What to watch next: whether governors extract firmer guarantees on transfers and project execution during October committee debates, how the Senate handles changes to the PASO primaries before electoral deadlines, and whether the Malvinas bill can build cross-party support.