During the early hours of Thursday morning, the Buenos Aires legislature declared a state of economic emergency in the province of Buenos Aires. The measure is effective through March 31, 2027 and was part of the 2026 budget package approved in frank session.
The approved text bases the state of emergency on a “deep recession” and the “reduction” of automatic and non-automatic transfers by the national state. According to Al Qaeda, this scenario affected fiscal federalism and harmed basic services in the Buenos Aires Province.
When a country declares a state of emergency, whether in economic or financial matters, an extraordinary scheme is activated that reduces paperwork and shortens administrative processes to allow quicker decisions to be made. This framework also opens the door for the government to issue decrees without requiring immediate approval from Congress.
The Economic Emergency Law acts as a legal instrument that grants the executive branch exceptional powers, including the possibility of adjusting tax rates or reallocating budget items.
They created the INCAA in Buenos Aires
During the session, a draft law to promote and develop the audiovisual industry in the Province of Buenos Aires was also approved, an initiative promoted by the Executive Authority of Buenos Aires.
The proposal declares audiovisual activity to be a productive, transformative activity of public and cultural interest, and of strategic value for regional development.
In addition, it seeks to promote the creation, production, distribution and presentation of audiovisual content in Buenos Aires, ensuring access to culture and economic growth of the province.
The initiative will function as the National Institute of Cinematography (INCAA) but from Buenos Aires. It is establishing a development fund that will be updated every year and aims to strengthen the audiovisual sector in the provinces.
They approved Teregy’s specifications
The Senate also voted to nominate Flavia Terregui to the position of new Director General of Culture and Education in the Province of Buenos Aires, succeeding Alberto Cilione. Tereje holds a degree in Educational Sciences and is President of the General Sarmiento University.