July 27, 2018 / 9:22 PM / 3 months ago

Argentina increases bus, train fares to reduce fiscal deficit

BUENOS AIRES, July 27 (Reuters) - Argentina will gradually increase fares for public transit in the Buenos Aires metro area, the transportation minister said on Friday, in an effort to reduce its fiscal deficit.

Bus tickets, which cost as little as 10 pesos ($0.36), will increase by 30 percent, or one peso per month over the next three months. The price of train tickets will also rise to 8.75 ($0.32) from 6.75 ($0.25) over the same period, Transportation Minister Guillermo Dietrich told reporters.

The increases seek to reduce Argentina’s large subsidies for public transit operators in order to meet fiscal targets following its $50 billion financing deal with the International Monetary Fund last month.

Dietrich said that if there was another option, President Mauricio Macri “would have done it, because we know that an extra peso in everyone’s pocket matters.”

The minister said fares for low-income passengers would rise by a lower percentage. ($1 = 27.2950 Argentine pesos) (Reporting by Eliana Raszewski, Scott Squires; editing by Grant McCool)

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