[2024-02-19] Javier Milei delivers Argentina's first monthly budget surplus in 12 years

Sky News Australia

Javier Milei delivers Argentina's first monthly budget surplus in 12 years

Monday, February 19, 2024

Argentina's government, under newly-elected President Javier Milei, achieved its first monthly budget surplus in nearly 12 years in January.

The surplus, $US589 million at the official exchange rate, the Argentinian government revealed on Friday.

It also includes interest payments on the public debt.

It is "the first (monthly) financial surplus since August 2012, and the first surplus for a January since 2011," the Economy Ministry said, according to Telam news agency.

President Milei aims to balance public finances in 2024 and has been negotiating with the International Monetary Fund regarding a $44 billion loan.

Milei is an advocate for substantial spending cuts, reduction of public debt, and a move towards dollarisation of the economy.

Argentina experienced a 20.6 percent inflation rate in January after a 50 percent devaluation of the peso, removal of price controls, and significant rate increases.

Poverty levels also surged to 57.4 percent in January for Argentina's 46 million people, marking the highest rate in 20 years, according to a study by the Catholic University of Argentina released over the weekend.

In 2023, under the previous socialist government, Argentina ended with a 211 percent inflation rate and 45 percent of the population in poverty.

Despite the current challenges, 53-year-old libertarian economist Milei still predicts an economic rebound within three months.

Shortly after taking office in December, the chainsaw-wielding president boldly acted on a campaign promise and halved the number of federal ministries from 18 to nine.
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