The new minister announced his proposals to combat high inflation in the country and stabilize the foreign exchange market.
With the economic scenario increasingly unstable, Peronist Sergio Massa took office this Wednesday (3.Aug.2022) as Argentina’s new Minister of Economy. He will be responsible for leading a “super ministry”, from the unification of the Economy, Productive Development, Agriculture, Livestock and Fisheries portfolios.
The former president of the Chamber takes office with the mission of containing the effects of an inflation that reaches 64% accumulated in 12 months until June, the highest level in 30 years.
In his inaugural speech, Massa said he was not a “superminister, not a magician or savior” and highlighted that, despite grow 6% per yearthe country deals with a great distrust in its currency, weight, and disorder in public spending.
The minister promised to meet the fiscal deficit target of 2.5% of GDP (Gross Domestic Product), established in the agreement with the IMF (International Monetary Fund). He also intends to strengthen the Central Bank’s dollar reserves to stabilize the foreign exchange market.
The new management will also focus on expanding exports to raise the primary surplus.
To contain inflation, which considers “the biggest factory of poverty any country can have”, Massa proposed to make up for the losses in wages with an extraordinary bonus. The minister stated, however, that the value and frequency of this measure will be announced throughout August.
SUPERMINISTRY
Massa started announcing his economic team on Monday (1.Aug.2022).
Here are the main names:
- Raúl Rigo, Secretary of Finance;
- Eduardo SettiSecretary of Finance;
- Juan Jose BahilloSecretary of Agriculture, Livestock and Fisheries;
- José Ignacio de MendigurenSecretary of Production;
- Matías TomboliniSecretary of Inland Commerce;
- Jorge Neme, Secretary of Development Planning and Federal Competitiveness;
- Jorge Solmidirector of the Federal Operational Coordination Unit;
- Marco Lavagnadirector of indec (National Institute of Statistics and Census);
- Daniel Marxhead of the public debt committee;
- Lisandro Clerivice president of the Central Bank;
- Leonardo Madcurhead of advisors to the Ministry;
- Jorge Domper, undersecretary of Budget;
- Claudia Balestrini, undersecretary of Public Revenue.
Learn more about the Argentine economic crisis:
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