Martín Guzmán, Minister of Economy of Argentina, announces his resignation – 02/07/2022

Argentine Economy Minister Martín Guzmán announced his resignation this Saturday (2) in a letter to President Alberto Fernández.

“I address you as I present my resignation from the post of Minister of Economy”, which I have held since December 10, 2019, reads the letter, posted on Guzmán’s Twitter account.

Facing resistance from a large part of the ruling Justicialist Party (Peronist), Guzmán said that, for his replacement, it will be essential that he work on a political agreement within the ruling coalition.

In an economy beset by inflation of more than 60% in 12 months and the devaluation of its currency, the peso, Guzmán said that, from now on, “it will be essential to continue strengthening macroeconomic consistency, including fiscal, monetary, financing, foreign exchange and energy”.

The third largest economy in Latin America, after Brazil and Mexico, Argentina agreed with the International Monetary Fund (IMF) for an extended facility loan, known as SAF, to settle the 44 billion dollars disbursed under a credit agreed four years for 57 billion, the largest in the history of the Fund.

Guzmán led the negotiations with the IMF to reach this agreement, which faced resistance from part of the government, led by Vice President Cristina Kirchner, and managed to prevent the country from going into default.

“With deep conviction and confidence in my vision of the path that Argentina should follow, I will continue to work and act for a more just, free and sovereign homeland”, added the minister in his resignation letter.

President Alberto Fernández has yet to comment on the departure of one of the main collaborators in his cabinet.

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