Argentina's President Javier Milei announces first quarterly fiscal surplus since 2008 via budget cuts, but experts question sustainability.

Argentina's President Javier Milei announced the country's first quarterly fiscal surplus since 2008, achieving this through slashing transfers to provincial governments, halting nearly 90% of public works, and allowing inflation to erode public spending on wages and pensions. However, experts question the sustainability of the surplus as Milei's strategy cannot last long without undermining public sector salaries and pensions, and halting public investments and transfers to provinces.

April 22, 2024
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