Overview

• Following a televised address, the government sent the Budget 2026 to Congress, locking in a prohibition on Treasury financing via the Central Bank and a non‑negotiable deficit‑zero framework.
• Spending priorities rise in real terms: AR$4.8 trillion for national universities, pensions +5%, health +17%, education +8%, and disability pensions +5% for 2026.
• Official projections point to 2026 inflation near 10% with a year‑end exchange rate around AR$1,423 and real GDP growth of roughly 5%.
• Financial reaction was mixed: equities and sovereign bonds rebounded around 2–3% as the riesgo país stayed above 1,100–1,200 basis points and the wholesale dollar tested the top of the band.
• Milei adopted a more conciliatory tone toward governors and legislators ahead of October’s vote, and the PRO party publicly backed the spending plan.