In a move aimed at curbing Argentina’s staggering 3,678% annual inflation rate, newly inaugurated President Javier Milei has made headlines by slashing government expenses.
He has not only reduced the number of official vehicles and drivers by 50% but also sold two national private jets, belonging to the government-owned oil and gas company YPF. This decision is anticipated to save the country a substantial $3 billion annually.
Milei’s commitment to fiscal responsibility was underscored by his spokesperson, Manuel Adorni, who emphasized, “One of the great objectives we have as a government is to put an end to privileges.” Adorni further highlighted the urgency of the situation, stating, “Talking about 15,000% inflation is frightening for everyone, and that is what we are working on.”
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The sold airplanes, previously used “almost exclusively by privileged statesmen,” were seen as a symbol of excess in the face of economic turmoil. Adorni stressed, “The adjustment we intend to make on political expenses, only in operating expenses, is around US$ 3 billion per year.”
President Milei, known for his prudence, not only implemented these drastic measures but also personally demonstrated his commitment by raffling off his last lawmaker salary. In an Instagram live session, the 53-year-old leader declared, “This is the last draw for my salary as a deputy because I now got myself another job.”
With these actions, President Milei aims to navigate Argentina away from the looming threat of hyperinflation.