Economic improvements in a country’s economy are not magic, President Javier Milei told Argentines in a televised address where he had good and rare news to announce: his government is successfully taming reckless public spending, which resulted in a rare – and welcome – first quarter budget surplus.
Milei stated that this is key to improving economic prospects in the once-prosperous Latin American nation.
Reuters reported:
“‘Our plan is working’, declared the libertarian leader in a televised address.
Milei took office in December pledging to enact an economic ‘shock’ plan in a bid to lower triple-digit inflation and reverse a prolonged economic slump marked by the steady deterioration of the peso currency and growing poverty.
‘I know the situation is difficult’, Milei added, ‘but we’re more than halfway there’.”
Argentina has managed to get a financial fiscal surplus of more than 275 billion pesos ($315.4 million) in March.
The first quarter surplus represented 0.2% of the nation’s gross domestic product (GDP).
“‘We’re going to give everything to pull this country out of the hell we inherited’, he said, attacking previous governments for the country’s dire economic straits.”
After implementing his promised spending-slashing, Milei was happy to report the “historic achievement.”
AFP reported:
“‘This is the first quarter with a financial surplus since 2008’, said Milei, referring to his left-wing rival Cristina Kirchner’s first year in the presidency.
Milei, who took office in December, boasted of ‘a feat of historic significance on a global scale’.
‘If the state does not spend more than it collects and does not issue (money), there is no inflation. This is not magic’, the self-described ‘anarcho-capitalist’ said.”
Milei was the winner in the November elections vowing to reduce the deficit to zero.
“‘Don’t expect a way out through public spending’, Milei warned on Monday.”
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