Argentina’s new economy minister launches plan to reduce inflation in the country

According to Sergio Massa, the biggest problem that needs to be tackled is the rate, which reached 62% in June, eroding the population’s purchasing power and entrepreneur confidence.

EFE/Juan Ignacio RoncoroniSergio Massa, Minister of Economy of Argentina
Sergio Massa, Minister of Economy of Argentina

The new Economy Minister of Argentina, Sergio Massa, announced this Wednesday, 3, a series of measures aimed at reducing the fiscal deficit, raising foreign exchange through export incentives and international loans with the aim of trying to stabilize a macroeconomy shaken by serious imbalances in the country. “I am not ‘super nothing’, neither a magician nor a savior. I come to work very committed to trying to help Argentina do well,” Massa said at a press conference after taking office on Wednesday as a new member of President Alberto Fernández’s cabinet. Massa has been called the “super-minister” for accumulating the portfolios of Economy, Agriculture and Livestock, in addition to Productive Development. He questions the term, indicating that he will not be able to do a hero’s job in office, but that he will need a lot of work and effort, in addition to the government’s dedication and commitment to reverse the country’s economic situation. In addition to the economic measures announced, Massa also stated that there will be an audit in the country on the social plans paid by the government to the poorest, most vulnerable people, and anticipated that there will be a financial bonus for retirees with reduced incomes due to the high inflation – which reached 62% in June.

At the press conference, Massa asked that all sectors unite and work to resolve “the double face of Argentina, which grows 6% a year and generates employment, but which has a huge lack of confidence in its currency, disorder in spending, gaps in public investment and a huge injustice in the distribution of income”. “We have to face inflation with determination because it is the biggest factory of poverty”, he highlighted. Massa said that the measures announced this Wednesday are not the only ones, as he will adopt more resolutions in the coming days, all aimed at achieving fiscal order, trade surplus, strengthening monetary reserves and development with social inclusion, supported by investment, production, exports. and in the defense of the internal market. This “roadmap”, he assured, seeks to “start a path towards a solution that is not magic, but which aims to tackle inflation, loss of income and the lack of macroeconomic and fiscal stability”.

*With information from EFE

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