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Tuesday, March 5, 2024

Argentina. Javier Milei sworn in as president

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Javier Milei was sworn in as president of Argentina on Sunday. In his first speech, as reported by Reuters, he stated that there was no alternative to a “shock fiscal adjustment” in his country and that the challenge facing Argentina was “titanical”.

Javier Milei said during a speech on Sunday that his predecessors had left the country without money and on the path of hyperinflation. He assured that he would make all necessary decisions, even if “they will be difficult.” He noted that Argentina faces a “titanical challenge”.

Javier Milei after being sworn in as president Juan Ignacio Roncoroni/PAP/EPA

READ: Argentina facing a change of power. Gigantic inflation is a challenge for the new president

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Reuters noted that there were few details in the new president’s speech. Milei said key steps would include a fiscal adjustment of five percent of the country’s GDP through cuts that he said would fall on “the government, not the private sector.”

Milei also warned that the economic situation in the country would worsen in the short term due to “lack of money”.

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The economy is in a sorry state

President Javier Millei takes over the leadership of Argentina with an economy in dire straits and $44 billion in debt to the International Monetary Fund. In October, annual inflation in Argentina amounted to 142.7 percent and calculated from January this year – 120 percent. According to forecasts by Argentine banks, it will reach 200 percent at the end of the year, and Moody’s forecasts indicate that in 2024 it may reach up to 350 percent in Argentina.

The Mileia Libertad Avanza party is the third political force in Congress, which will make it much more difficult for it to conduct effective politics.

Main photo source: Juan Ignacio Roncoroni/PAP/EPA

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