The Argentine Senate approved the creation of the National Defense Fund (Fondef), the purpose of which is to finance the re-equipment of the Armed Forces. The project had already received approval from the Chamber of Deputies last November.
According to the new law, the Fondef will be made up, in 2020, of 0.35% of the total current income foreseen in the consolidated annual budget for the national public sector. This figure will increase by 0.15% annually until reaching 0.8% in 2023. The regulation of the law and how the percentages will be accommodated is pending.
Argentina; Senate approves new national defense fund