Argentinian President Javier Milei has balanced the country’s budget and generated a quarterly budget surplus for the first time since 2008 by cutting inflated bureaucratic salaries. In the first quarter of 2024 Argentina documented a budget surplus of about US$309 million, which works out to about 0.2% of GDP, Milei told local television Monday. “This is the first quarter with a financial surplus since 2008,” said Milei, who was voted into office in November 2023 after his campaign promise to reduce Argentina’s deficit to zero. “A feat of historic significance on a global scale.” “If the state does not spend more than it collects and does not issue (money), there is no inflation. This is not magic.” The newly elected president has implemented certain austerity measures, including government cuts to subsidies on fuel and energy, tax cuts, and slashing public spending. “Don’t expect a way out through public spending,” said Milei.
Argentinian President Javier Milei has balanced the country’s budget and generated a quarterly budget surplus for the first time since 2008 by cutting inflated bureaucratic salaries. In the first quarter of 2024 Argentina documented a budget surplus of about US$309 million, which works out to about 0.2% of GDP, Milei told local television Monday. “This is the first quarter with a financial surplus since 2008,” said Milei, who was voted into office in November 2023 after his campaign promise to reduce Argentina’s deficit to zero. “A feat of historic significance on a global scale.” “If the state does not spend more than it collects and does not issue (money), there is no inflation. This is not magic.” The newly elected president has implemented certain austerity measures, including government cuts to subsidies on fuel and energy, tax cuts, and slashing public spending. “Don’t expect a way out through public spending,” said Milei.
