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Argentina celebrates first quarterly budget surplus in 16 years
Argentina’s President Javier Milei in a televised address from the presidential palace in Buenos Aires, announced the country’s first quarterly fiscal surplus since 2008, Bloomberg News reported. While economic challenges continue, Milei said that he would continue to maintain fiscal discipline, saying that the surplus marks a crucial moment in Argentina's pursuit of prosperity.
According to Bloomberg, Diego Ferro, the founder of M2M Capital in New York, lauded Argentina as a favourable investment opportunity following Milei's address, attributing the positive market response to the country's fiscal achievements. Milei attributed Argentina's rare fiscal surplus to strict measures implemented by his administration, including heavy cuts to transfers to provincial governments and a major reduction in public works expenditure. While Milei's approach has yielded positive fiscal outcomes, Adriana Dupita, deputy chief emerging markets economist with Bloomberg Economics, raised concerns about the sustainability of the strategy.
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