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Argentina posts budget surplus for first time in 16 years
Argentina posted a budget surplus equivalent to 0.2% of gross domestic product (GDP) in the first quarter of the year, for the first time since 2008, President Javier Milei announced.
© Lusa
Economia Economia
The ultra-liberal head of state announced on Monday that the Argentine public sector registered a financial result (including payment of interest on the foreign debt) of 1.13 trillion pesos (1.22 billion euros).
Excluding debt payments, Argentina's public accounts surplus would have reached 3.8 trillion pesos (3.96 billion euros), 0.6% of GDP, between January and March.
Milei released the results of the public accounts, something that is usually done through a statement, in a 16-minute message recorded in the Casa Rosada, the government headquarters, surrounded by the tutelage of the Economy and released by the public press.
"It is an achievement of historic proportions on a global scale," said the economist, who took office on December 10, with the promise of closing this year with a budget surplus.
In 2023, Argentina recorded a primary deficit equivalent to 2.9% of GDP and a negative financial result of 6.1%.
Without an increase in revenue, Milei explained the surplus with drastic cuts in transfers to the provinces, education and health, halting investment in public works, layoffs in the civil service, cuts in subsidies for transport, electricity and gas and pension increases well below inflation.
The Argentine president said that the fiscal surplus is the only way to end the "inflationary hell". Argentina recorded inflation of 211.4% in 2023, the highest rate in the world.
The reduction in spending has led to strong opposition and on Monday human rights activists and Argentine cultural figures asked parliament to impeach Milei for the "possible practice of crimes".
The document gives as an example the emptying of the plan against hunger, the suspension of a public agency that supported patients in the acquisition of medicines and medical equipment and the cuts in public education.
University students promised to hold a march today against cuts in funding for public higher education, while the General Confederation of Labor, Argentina's largest union, is preparing the second general strike on May 9.
With the minimum wage set at 202,000 pesos (200 euros) and 41.7% of the population living in poverty, consumption has fallen and analysts forecast a GDP contraction of 3.5% this year.
But Milei was optimistic, saying that the economy will grow thanks to the mining and oil industry, agriculture and private investment.
Read Also: Deficit and debt? EP gives today 'green light' final to the new rules (Portuguese version)
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