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Argentina Achieves First Quarterly Budget Surplus Since 2008, Milei Cites Economic Reforms

President Javier Milei's administration marks a historic financial milestone with a surplus of 275 billion pesos, attributing the success to stringent austerity measures and economic 'shock therapy'.

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Newly elected President of Argentina Javier Milei of La Libertad Avanza speaks after the polls closed in the presidential runoff on November 19, 2023, in Buenos Aires, Argentina. According to official results, Javier Milei of La Libertad Avanza reached 55,69% of the votes and Sergio Massa of Union Por La Patria 44,30%, with 99,25 of the votes counted. The presidential election runoff to succeed Alberto Fernandez comes as Argentinians have been hard hit by an annual 142,7% inflation. (Tomas Cuesta/Getty)

Overview

  • President Javier Milei announced Argentina's first quarterly budget surplus in 16 years, totaling 275 billion pesos.
  • The surplus is a result of drastic cuts in government spending and economic reforms aimed at tackling the nation's severe inflation.
  • Milei emphasized that the fiscal surplus is essential for ending Argentina's 'inflationary hell' and promised continued austerity.
  • The economic measures include significant tax cuts, reduction of public sector expenses, and halting public works.
  • Despite the surplus, analysts express concerns about the sustainability of these measures and their long-term impact on public services and investment.