Argentina achieved a primary fiscal surplus of 1.177 trillion pesos in February, reinforcing President Javier Milei’s ‘zero deficit’ initiative. This marks the 13th surplus in 14 months under Milei’s administration, while public sector financial surplus reached 310.73 billion pesos. Despite these achievements, austerity measures have sparked public protests over cuts to education and pensions.
Argentina has reported significant fiscal achievements, with a primary fiscal surplus and a public sector financial surplus for February. This accomplishment reinforces President Javier Milei’s commitment to achieving a ‘zero deficit’ as he navigates the nation through an economic crisis while aiming for a balanced budget. According to the economy ministry, February’s primary fiscal surplus reached 1.177 trillion Argentine pesos (approximately $1.10 billion), representing about 0.5% of the nation’s gross domestic product (GDP).
This positive fiscal outcome marks the 13th surplus recorded in Milei’s 14 months in office. Additionally, the public sector registered a financial surplus of 310.73 billion pesos for the same month, which is roughly 0.1% of GDP. Economy Minister Luis Caputo emphasized this result as a testament to the government’s commitment to fiscal order, highlighting its essential role in creating a stable economy that fosters quality employment opportunities and supports income recovery.
Last year, Argentina achieved its first annual budget surplus in 14 years, illustrating a significant turnaround. The Milei administration has implemented substantial cuts to public expenditure, part of a comprehensive overhaul aimed at controlling rampant inflation. However, such austerity measures, including reductions in education and pension funding, have led to widespread protests across the nation.
In summary, Argentina’s recent fiscal surpluses reflect the government’s ongoing commitment to achieving fiscal order under President Javier Milei’s leadership. The country has recorded consistent surpluses amidst a challenging economic landscape, driven by significant cuts in public spending. Despite the positive fiscal data, the government’s fiscal policies have elicited public dissent, showcasing the complex dynamics of economic reform in Argentina.
Original Source: www.tradingview.com
