After a full month in office, Argentina's President Javier Milei and the government was able to see a surplus in the budget at the end of January.
Argentina, under newly-elected President Javier Milei, is in the black for the first time in nearly 12 years, as its first monthly budget ended with a surplus of $589 million, at the official U.S. exchange rate. The country’s economy ministry announced the milestone on Friday, adding the surplus also includes payments on interest accrued on the public debt.
Milei's drastic overhaul of the country's economy is not expected to be a smooth operation, and he has characterized it as financial 'shock therapy' that will negatively affect thousands of citizens. In December, Milei signed a decree outlining his plan to address the country’s financial crisis, which included privatizing state-owned companies.
Milei’s devaluation of the peso shortly after his inauguration in December, caused poverty levels to worsen. By the end of the year, the poverty level was 49.5%. The devaluation of the peso also causes prices of everything to rise. Politicians have to understand that the people voted for change and that we are going to give our lives to bring it forward,' Milei said on social media. 'We did not come to play the mediocre game of politics. We came to change the country.'
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