Argentina’s President Milei Announces New Economic Decisions
Argentina’s New Far-Right President Implements Economic Changes
Argentina’s new far-right president, Milei, has wasted no time in implementing new economic measures. The government has lifted import restrictions as part of the new administration’s decisions.
Thousands of public employees are set to lose their jobs as Milei advances the free trade agenda. The president signed a decree affecting approximately 5,000 public workers, with the union representing them announcing that a total of 7,000 people will be laid off at the start of the year.
In addition, the central bank is preparing to sell dollar bonds to pay off foreign debts. This move comes as Milei, known for his populist rhetoric during the election process, declares war on the Central Bank.
The country’s tax office has also taken action to streamline bureaucratic processes in the import system. Notably, the government devalued the peso by more than 50 percent in its first week in office.
Argentina currently holds the unfortunate title of having the highest inflation rate in the world, at around 161 percent. These economic changes are just the beginning of what seems to be a turbulent time for Argentina’s economy under Milei’s leadership. Only time will tell the true impact of these decisions on the country’s financial landscape.
