Argentina’s “super minister” unveils package of economic measures

Newly appointed Argentine “super minister” Sergio Massa, also in charge of the economy, announced Wednesday night a series of economic measures for the country.

These include a commitment to meet the 2022 budget deficit target of 2.5% of gross domestic product (GDP) in the International Monetary Fund (IMF) agreement. “We will do everything necessary to keep the word given,” he assured at a press conference.

In addition, Massa announced, among other things, that he had asked the Minister of Finance to stop using the balance of advances for the rest of the year, the freezing of the plan for civil servants, and an increase in electricity and gas tariffs to reduce energy subsidies.

Massa also stated that he would defend “every dollar of every Argentine” by promoting exports, seeking more investment in strategic sectors of the economy such as mining, agribusiness, and oil and gas; granting unique benefits to agriculture, fishing, and mining sectors to increase the Central Bank’s reserves; and receiving support from the IMF to strengthen reserves. The new minister also said he would implement a policy of reorganizing social plans next year.

According to Massa, his economic plan has four main objectives: Promoting fiscal order, maintaining the budget surplus, strengthening reserves, and developing social inclusion.

“The measures we take will be based on these, and we will launch measures today that are not the only ones. In the coming days, we will publish more information. Argentina has the opportunity to become a major player,” he said. “We must confront inflation decisively because it is the biggest factory of poverty in a country,” he added.

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