OAN Staff Avril Elfie
1:30pm – Saturday, January 18, 2025
Argentina recorded its first budget surplus in 14 years, just one year after President Javier Millay took office.
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“Today's fiscal results must be understood as a milestone in our country's history,” Economy Minister Luis Caputo wrote on X, adding that “Argentina no longer has a budget deficit.”
According to the Ministry of Economy, the country's fiscal surplus for the year was 1.76 trillion pesos, equivalent to 0.3% of GDP. On the other hand, the primary fiscal balance excluding debt payments was in surplus of 10.41 trillion pesos (1.8% of GDP).
“Zero deficit is a reality,” Millais said on social media. “The promise has been fulfilled.”
After taking office in December 2023, Millais cut public spending to curb rampant inflation, which reached about 300% annually in April last year.
The government's fiscal anchor will remain in place until 2025, the economy ministry said in a statement.
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