Argentina is planning on spending $2.8 billion dollars or 11.8 billion pesos to boost payments to the countries poor families. This 23 percent increase in support for the poor is considered one of President Cristina Fernandez de Kirchner’s biggest achievements.
It is expected that over 3.6 million children and pregnant women will benefit from this increase. Impoverished children will now see a monthly stipend of 270 pesos from 220 pesos.
The funding to boost benefits for poor families comes from the government’s take over of the pension fund industry. The value of the government pension fund increased in value by 30 percent and that cash will be used for this program.