From the Document: "Situated on the Atlantic coast of South America's Southern Cone, Argentina has a vibrant democratic tradition and Latin America's third-largest economy. U.S.-Argentine relations have been strong in recent years, and Congress maintains several areas of interest in bilateral relations. [...] Current President Alberto Fernández of the center-left Peronist-led 'Frente de Todos' (FdT, Front for All) coalition won the October 2019 presidential election and was inaugurated to a four-year term in December 2019. [...] The election also returned to government former President Cristina Fernández de Kirchner, from the leftist wing of the Peronist party, who ran on the FdT ticket as vice president. [...] In November 2021 midterm legislative elections (for a third of the seats in the Senate and half of the seats in the Chamber of Deputies), the FdT lost its Senate majority but remained the largest bloc in the Chamber of Deputies, albeit without a majority. The economic impact of the Coronavirus Disease 2019 (COVID-19) pandemic and rising inflation were key factors in the legislative race. Argentina's next presidential and legislative elections are scheduled for October 2023. [...] In July 2022, Argentina's economic situation deteriorated further, with accelerating inflation and the peso rapidly losing its value. Political infighting within the Peronist government led to the resignation of Minister of Economy Martín Guzmán, considered the architect of Argentina's recent IMF [International Monetary Fund] agreement, which was strongly criticized by the leftist wing of the FdT. Guzmán initially was replaced by Silvina Batakis, considered to the left of Guzmán, but on July 28 President Fernández appointed the more moderate Sergio Massa, the leader of Argentina's lower house, as head of a more powerful economy ministry that also oversees manufacturing and agricultural policy."
CRS In Focus, IF10932
Congressional Research Service: https://crsreports.congress.gov/