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Report: Argentina's Macri reshuffles finance ministry, Prat-Gay to step down

Argentine Finance Minister Alfonso Prat-Gay has been asked to step down due to differences over management style, Reuters reported, citing cabinet chief Marcos Pena.

The finance ministry is being divided into two sections; a treasury division headed by economist Nicolas Dujovne and a finance division managed by current finance secretary Luis Caputo.

Dujovne will be responsible for the federal government's budget, and Caputo will look after the country's finance and sales of sovereign debt, while improving the domestic financial system.

Pena clarified that Prat-Gay and President Mauricio Macri had no disagreements over economic policy and that his departure was due to management issues.

Prat-Gay, who will remain in office until Dec. 30, helped lift the country's currency controls and negotiated with holdout bondholders over its 2002 debt.

Analysts believe that the reshuffling of the finance ministry indicates the government's commitment to fiscal tightening, however there may be some coordination issues between the newly formed divisions.