In his third message on national radio and television since assuming the presidency in December, the president of Argentina, Javier Milei, announced on Monday night (22) that the country had achieved a financial surplus of 0.2% of Gross Domestic Product (GDP) in the first quarter – according to him, “a feat of historic proportions at a global level”.
Milei made the statement to announce the results of his government’s accounts, project that they should be followed by further drops in inflation and thank Argentines for the “heroic effort” at this time of adjustment.
“Contrary to the predictions of the majority of political leaders, professional economists, television and tribune deceivers, specialized journalists and a large part of the Argentine establishment, I want to announce that the national public sector recorded a financial surplus of more than 275 billion pesos (R$ 1.6 billion) during March, thus achieving, after more than 20 years, a financial surplus of 0.2% of GDP during the first quarter of the year”, said the president.
Milei stated that this path is the only one “to end once and for all the inflationary hell that has been Argentina since the fall of convertibility” – in reference to the policy adopted between the 1990s and the beginning of the 2000s, in which each Argentine peso was worth one dollar.
Although the consumer price index in Argentina in March was 287.9% in 12 months, still the highest in the world, in the monthly variation compared to February, inflation was 11%, the third consecutive slowdown.
“We assumed a government with a monetary result worse than that of Rodrigazo (economic plan of Isabel Perón’s government, implemented in 1975), a destruction of the Central Bank’s balance sheet worse than the hyperinflation of 89 and social indicators worse than those of the 2001 crisis, which means we were facing the worst crisis in the history of our country,” said the president.
“Contrary to what many claim, not only was it possible to end the fiscal deficit, but we also did so in an economically sustainable and morally desirable way, since for the first time in Argentina the righteous are not paying for the sins of the wicked,” Milei said. “It is no coincidence that inflation is falling and every month the number is lower than expected.”
The libertarian president also stated that “none of this would be possible without the heroic effort of the majority of Argentines who suffer”, before pointing out that they “know that this is the only possible path if we want a better future for our children”.