(Bloomberg) -- Argentina slashed taxes on its major crops that provide billions of dollars in export revenue as it seeks to throw a lifeline to farmers wrestling with a drought a low global prices.
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The government of President Javier Milei cut tariffs on exports of soy meal and oil to 24.5% from 31%. The levy on unprocessed beans was cut to 26% from 33%. The tax on corn was reduced to 9.5% from 12%. There were cuts for other major crops, including wheat, barley and sunflowers.
The tax cuts come as Milei’s top policymakers are negotiating a new program this week in Buenos Aires with staff from the International Monetary Fund to succeed the country’s current $44 billion deal. A key issue in negotiations is revamping Argentina’s currency policy, which hinges in part on export dollars from the crop harvest.
Politically, Milei finally made good on a pledge to bring down the taxes, but only temporarily through June. The cuts come just in time for the second-quarter harvest, improving Argentina’s compeititveness on global markets.
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