Argentina has recorded its first budget surplus in 14 years, just 12 months after President Javier Milei assumed office in December 2023.
Economy Minister Luis Caputo announced on Friday that the country achieved a budget surplus amounting to 0.3 per cent of its GDP, marking a significant fiscal milestone last seen in 2010.
“In 2024, Argentina recorded a primary surplus of 1.8 per cent of GDP and a financial surplus of 0.3 per cent of GDP,” Mr Caputo stated in a tweet.
He credited the achievement to President Milei’s leadership and a robust stabilisation programme that has drawn international attention.
“The fiscal result published today should be understood as a milestone in our history. It is the result of extraordinary leadership by our president @JMilei, coupled with a stabilisation programme that has surprised the world,” he added.
President Milei celebrated the development, describing it as a fulfilled campaign promise. “The promises have been kept. The ‘zero deficit’ is a reality. Long live freedom, goddammit,” he wrote on Instagram.
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Since taking office, Mr Milei has implemented drastic measures to cut government spending, including reducing energy and transportation subsidies and laying off 5,000 public sector employees hired before his administration began.
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