The president of Argentina, Mauricio Macri, has announced tax increases and cuts in spending. This is to balance the government budget and curb inflation in the troubled economy. But many believe the measures risk sparking social unrest. CGTN's Sean Callebs has the story.

To many - it seems Argentina has been down this road before. The peso is in a free fall. Inflation is running more than 30 percent.

MAURICIO MACRI ARGENTINA'S PRESIDENT "This is not another crisis, it has to be the last one."

In a televised message, Argentina's President Mauricio Macri unveiled what will be painful, austerity measures to keep the country from economic collapse. He's vowing to eliminate about half the government ministries to cut spending - Macri wants to trim the national debt by hitting up exporters with a steep tax - a measure that may be unpopular and even unfair.

MAURICIO MACRI ARGENTINA'S PRESIDENT "We know that it is a bad tax, very bad -that goes against what we want to encourage -which are more exports to generate more quality work in every corner of Argentina."

Argentina's political leaders dug a deep hole for themselves, moving too slowly to head-off runaway inflation. The crisis was made even worse by a historic drought that devastated the nation's cash crops-soybeans, corn, and wheat. Macri announced the measures a day before a critical meeting with the IMF. The Argentine president is asking the International Monetary Fund to speed up a planned disbursement of a 50 billion dollar loan. Analysts see a growing crisis.

MARCELO TROVATO MARKET ANALYST "The lack of political credibility that is currently in charge of the administration, plus the disrepute left by the administration in 2015, is creating anarchy -which is a very dangerous process in Argentina that investors see and perceive, and that is capital is fleeing."

SEAN CALLEBS WASHINGTON "Following a tumultuous week, that saw the country's benchmark interest rate soar to 60 percent, Macri says his plan will balance the budget in just one year. But critics say, Macri's party does not have anyone who can instill confidence in the markets. And, the challenge remains cutting spending without triggering social unrest, ahead of next year's elections. Sean Callebs, CGTN. Washington."