As anticipated Ambit, President Javier Milei announced tonight that in the first quarter of the year the Treasury achieved financial surplus equivalent to 0.2% of GDP. Furthermore, he ratified the adjustment and He assured that “the plan is working.”
On national television, the head of state reported that the National Public Sector registered a financial surplus of more than $275 billion. “After almost 20 years, we achieved a financial surplus of 0.2% of GDP during the first quarter of the year”he highlighted.
He highlighted the results obtained as a result of the adjustment measures applied since his arrival in the Government. “Having achieved a surplus having received a consolidated deficit of more than 15 points of GDP It is plain and simple a feat of historic proportions worldwide,” he said.
As he said, the “economic miracle” achieved by his administration in the first quarter of 2024 responded “to an enormous extent what we call a chainsaw in the campaign”while he denied that the effect of the surplus is the product of a liquefaction of income and retirements.
The president described the result as “a heroic effort” on the part of society and stated that “we are halfway there. “For the first time in a long time, the effort is going to be worth it,” he remarked.
“The fiscal surplus is the cornerstone from which we build the new era of prosperity of Argentina,” stated the national leader.
Javier Milei ratified the adjustment and said: “The plan is working”
The president reviewed the different economic variables that he encountered when taking office and assured that they found “a broken country and on the brink of hyperinflation. “We had a deficit of five points of GDP in the Treasure and a financial deficit of another 10 points in the BCRA. we had a exchange gap of almost 200% and a monetary surplus similar to that of the previous Rodrigazo “, added to the commercial debt with importers.
Upon assuming, he said, the Government “took the bull by the horns” because we Argentines “did not have time for a new gradualist experiment and we advance in the shock stabilization program most ambitious in our history.” Following that line, he highlighted that in the first month “we achieved the financial surplus”, something he considered as “a milestone that has no parallel in the history of the Western world“.
The head of state noted that “despite the opposition of a good part of Argentina’s political and economic establishment, despite those who systematically question our ideas and those who proclaim our failure to return to power, The Government was right and our plan is working“.
On the other hand, he questioned those who point out that the cut in public spending is explained by the liquefaction of the retirements. “Of the 5 points of treasury deficit that we have adjusted, only 0.4% responds to the loss of purchasing power of pensions,” he said and accused “Alberto Fernández’s disastrous mobility formula” for the loss. The remaining adjustment of 4.6% “is entirely due to the cut in public spending that politics used indiscriminately to buy wills.”
Regarding the financial result, he highlighted that “Having achieved a surplus in the way we did is extremely important because it gives sustainability to public accounts.” And he insisted that its importance is due to the fact that, as he said, “For the first time in a long time, the cost of adjustment is not passed on to the entire Argentine populationbut only to those who benefited from the impoverishing model of the past.
Source: Ambito
