The president will thank the “heroic effort of the Argentines” that allowed this result. The surplus was $275 billion.
President Javier Milei will announce in his speech tonight that in the first quarter of the year the Treasury achieved a financial surplus equivalent to 0.2% of GDPin what constitutes, as he emphasized, an unprecedented event worldwideAccording to sources from the Casa Rosada, Ambit.
The president will thank the “heroic effort of the Argentines” that allowed this result, according to the text of about 20 pages that he read in his speech recorded this afternoon in the White Room of the Casa Rosada that lasted about 16 minutes. The surplus was $275 billion.
After a recount – with numbers – of the inheritance that his Government received, the head of state recalled that in the last 123 years the country had an imbalance in its public accounts practically all the time – in 113 years. But he stated that on this occasion “we take the bull by the horns” in reference to his firm determination to clean up the State’s accounts.
He specified that The Treasury deficit was reduced by 5 points of GDPof which 0.4% corresponded to the loss of purchasing power of pensions. The biggest cuts occurred in transfers to provinces – with a real drop of 76% – and in public works -87%.
These reductions allowed increase the First Thousand Days of Life Plan by 500%, aimed at providing comprehensive support to pregnant women and children up to three years old, which went from 3,303 to 19,818 pesos. Also State aid was increased by 311%, among other social reinforcements.
Milei pointed out that he achieved this despite the limited margins that his management had as a result of the fact that Congress did not give him the tools requested by the Executive Branch. But he reiterated that the adjustment of the State is a policy that will continue.
Growth
Referring to the future, predicted that a first stage of growth will come from some sectors such as field mining and oil. AND a second will occur from the recovery of salaries.
The first president highlighted the release of financing for the private sector which will mean the withdrawal of the State from the credit market, equivalent – he estimated – to 15 points of GDP.
He ended his speech by thanking the economic team, particularly the minister Luis Caputo and the president of the Central Bank, Santiago Bausili. In his speech he was accompanied by the Secretary of Finance, Pablo Quirno, and by the Vice President of the BCRA, Vladimir Werning.
Source: Ambito
