Milei announces Argentina's first budget surplus in 16 years

Milei announces Argentina's first budget surplus in 16 years

BUENOS, Aires — Argentina’s spending-slashing new President Javier Milei has hailed his country’s first quarterly budget surplus since 2008 as a “historic achievement.” In the first quarter of 2024, the South American country recorded a budget surplus of about 275 billion pesos (some $309 million at the official rate), he told national TV late Monday.

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Economic improvements in a country’s economy are not magic, President Javier Milei told Argentines in a televised address where he had good and rare news to announce: his government is successfully taming reckless public spending, which resulted in a rare – and welcome – first quarter budget surplus.

Argentina’s Javier Milei announces nation's first budget surplus in 16 years

Milei won elections in 2023 vowing to reduce the Argentina's budget deficit to zero. Read more at straitstimes.com.

Argentina has managed to register a budget surplus of 275 billion pesos ($300,000) in the first quarter of 2024, with new President Javier Milei expressing joy, citing a "historic achievement", the AFP reported.

The president declares this "a fact of historic proportions on a global scale" promising to reduce the budget deficit to zero, a far more ambitious goal than the IMF tax.

Winning: Javier Milei Announces Argentina's First GDP Surplus Since 2008