President Javier Milei of Argentina announced on Monday night that the country had achieved a financial surplus of 0.2% of Gross Domestic Product (GDP) in the first quarter – calling it “a feat of historic proportions at a global level”. In his third message on national radio and television since assuming the presidency in December, 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” during this time of adjustment.
Despite predictions from various sources that a financial deficit was inevitable, President Milei revealed that the national public sector had a financial surplus of more than 275 billion pesos (R$ 1.6 billion) in March, resulting in a financial surplus for the first quarter. He emphasized that this path is crucial to ending the inflationary crisis that has persisted in Argentina since the fall of convertibility in the early 2000s.
Milei acknowledged that high inflation rate in Argentina over 12 months was 287.9%, but monthly variation compared to February was only 11%, marking third consecutive month of slowdown. He praised efforts made by majority of Argentines who have made sacrifices for country’s economic stability and thanked them for their resilience.
Milei emphasized ending fiscal deficit sustainably and morally acceptable manner is achievable and attributed gradual decrease in inflation to measures taken by his administration. He expressed gratitude to Argentine population for their role in securing better future for country’s children.