President Javier Milei of Argentina made a historic announcement on Monday night (22) that the country had achieved a financial surplus of 0.2% of Gross Domestic Product (GDP) in the first quarter, despite predictions from various sources that it would not be possible. Milei attributed this success to the efforts of his government and the resilience of the Argentine people, who have made sacrifices for the country’s economic stability.
In March, the national public sector had a financial surplus of more than 275 billion pesos (R$ 1.6 billion), resulting in a positive balance for the first quarter. Milei emphasized that this surplus is crucial to ending the inflationary crisis that has persisted in Argentina since the fall of convertibility in the early 2000s. He praised Argentines for their “heroic effort” during this time of adjustment and expressed gratitude for their role in securing a better future for the country’s children.
Despite high inflation rates of 287.9% over 12 months, Milei acknowledged that his government faced challenges upon taking office and recognized the efforts made by Argentines who have made sacrifices for economic stability. The monthly variation in inflation compared to February was only 11%, marking three consecutive months of a slowdown, which is seen as an important step towards ending inflationary crisis in long term.
Milei emphasized that achieving sustainable and morally acceptable fiscal deficit is achievable through measures taken by his administration and thanked Argentine population for their resilience and role in securing a better future for their children.