Devaluation-driven inflation forces Macri to grant $30 Christmas bonus to pensioners, aid recipients

In a press conference at the Casa Rosada state house this afternoon, Argentine President Mauricio Macri announced a 400-peso ($30) bonus to be paid before New Year's Eve to pensioners and family assistance beneficiaries. The bonus covers 3.6 million children receiving the 837 peso ($60) monthly Universal Child Benefit (AUH), 70,000 women receiving aid for expecting mothers (Nacer), and pensioners who receive the basic state pension of 4,300 pesos ($325).

Speaking to reporters after returning from Asunción, Paraguay, where he made his debut at the Mercosur summit, President Macri noted that following the enactment of tax cuts for agricultural exporters, a sudden 40% devaluation, and other measures announced last week to "make Argentina work again," some "price fluctuations" have been observed.

"So while we'll keep working with the Production Ministry (to address wholesale price increases of 30% or more), we have decided to give a 400 peso bonus to all the AUH beneficiaries, to pregnant women, and to basic pensioners - which in all represent 8 million people," Macri said, concluding that "we think new jobs will be created."

At: http://www.buenosairesherald.com/article/205386/macri-announces-$400-bonus-for-auh-beneficiaries-pensioners
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A $30 bonus to cover the price hikes caused by his own devaluation. It really is good to see Ebenezer Macri get into the Christmas spirit.