President Javier Milei This Friday he gave a scoop to the businessmen representing the red circle, gathered in Bariloche at the exclusive Llao Llao hotel. Next Monday, on national television, he will announce that the The first quarter of 2024 closed with a positive financial surplus.
Thus, the head of state will celebrate his results in the fight against the deficit by dint of adjustment, blender and chainsaw on broad sectors of society and the State.
“We aimed to have zero deficit in 2024. We believed that we were going to be able to achieve it in the first quarter and we achieved it in the First month, that is, January, we had zero financial deficit. In fact, they criticized us and said that in February the primary deficit was even exploding. Zero deficit again,” expressed Milei before the attentive gaze of her select audience.
“And I am going to let you know that on the 22nd we are going to be doing a national network, where we are also going to be announcing the fiscal numbers and I am letting you know that the first quarter of the year ended with a positive financial result. So to all those analysts who say that the deficit is going to explode and I dedicate all of that to you with the applause that you just had,” he explained.
What happened in March: is the path to surplus beginning to run out?
Although Milei promised positive data from his first quarter in office, there are still doubts about the March result. As Ámbito anticipated this Thursday, March would have fiscal deficit again. “In the market it is known that the type of fiscal adjustment that the Government chose based on expense liquefaction and payment restriction has a short route. If it does not move forward with a more consistent program, the savings effect will wear off,” the house’s journalist, Carlos Lamiral, pointed out in his article.
As noted in its latest report, Argentine Association of Budget and Public Financial Administration (ASAP) based on accrued expenses, In March there was a primary and financial deficit.
According to the work, unlike what happened during the first two months of the year, In March 2024, the total income of the National Public Administration (APN) adjusted for inflation presented a drop of 12.9% in relation to the same month of the previous year.
“This contraction is explained by the behavior of the Tax revenues that, affected by the 28.4% drop in VAT, “They experienced a negative variation of 9.8% for the first time so far in 2024,” says ASAP.
Added to this is the continuity of the contractionary trend in Social Security Contributions, which showed a drop of 19.8% year-on-year.
The entity estimated that in March There were current income of $5.3 billion and current expenses of $5.5 billion., which results in a deficit economic result of $249,383 million. On the other hand, capital income of $4,629 million was recorded and capital expenditures of $123,201 million. On the other hand, interest of $294,810 million was accrued.
Source: Ambito
