Lodi Valley News.com

Complete News World

Argentina achieves its first quarterly fiscal surplus since 2008

Argentina achieves its first quarterly fiscal surplus since 2008

Argentine President Javier Miley announced that the month of March achieved a surplus of 275 million pesos in public accounts.

Argentina's President, Javier Miley, said on Monday (April 22, 2024) that the country's public sector achieved a monthly surplus for the third time in a row in March. The surplus was 275 billion pesos.

The announcement came in a statement by the hardline liberal president, who said the amount would peak in the quarter at a surplus of 0.2% of GDP. This milestone has been reached for the first time since 2008.

In March, monthly inflation closed at 11%, showing a slowdown compared to the previous month, when the country's inflation rate reached 13.2%.

Argentina's annual inflation rate rose to 287.9% in one month, the highest level since February 1991, an increase of 11.7 percentage points compared to the 276.2% recorded in February.

The peak that inflation reached in Argentina was precisely during Miley's term in office, in December 2023, when it reached 25.5% annually. Miley's government has made a series of cuts in public spending in order to slow inflation.

Given the seriousness of the situation we inherited, we Argentines saw that we no longer had time for a new incremental experiment, and we moved forward with the most ambitious “shock” stabilization program in history.“, he announced in the speech

Watch (17 minutes and 33 seconds):

See also  With other plans, Russia and China ignore the UN General Assembly