Libertarian President Javier Milei of Argentina has presented the 2025 budget to Congress, outlining policy priorities that reflected his key pledge to kill the country’s chronic fiscal deficit and signaled a new phase of confrontation with lawmakers.
Argentina ’s President Javier Milei sings the national anthem as he addresses Congress to present the 2025 budget in Buenos Aires, Argentina , Sunday, Sept. 15, 2024. A demonstrator holds a banner that reads in Spanish “The 2025 budget, starving us to death” as Argentina ’s President Javier Milei presents next year’s budget in Congress in Buenos Aires, Argentina , Sunday, Sept. 15, 2024.
If the stroke of a veto pen failed to prevent powerful lawmakers from spending, Milei promised to find other ways to cut down the state. The fight over pensions reached a head last week, when Milei and his allies defeated a bill that would have boosted social security spending in Argentina, compromising the administration’s fiscal discipline.last month but opposition parties ultimately failed to obtain the two-thirds majority needed to override the president’s veto after government lobbying eroded support for the measure.
Milei warned that his fiscal shock therapy was not going to be easy. But his administration is betting that the worst has passed. Although Argentina’s annual inflation hovers around 237%,In an optimistic statement about the budget Sunday, the Finance Ministry said it expected Milei’s proposal to result in an annual inflation rate of just 18% by the end of 2025 and yield a 5% economic growth rate. Argentina’s economy contracted by more than 3% in the first half of 2024.
Government Budgets General News I Argentina Government Inflation Business F Government Policy World News
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