Argentina's parliament approves President Milei's austerity-heavy reform package

NEWS WIRES

28 June 2024 at 1:50 am·1-min read

Argentina's self-proclaimed "anarcho-capitalist" President Javier Milei won a major victory on Friday after the country's parliament approved his radical economic reform package. Critics say the package, which emphasises deregulation, privatisation and austerity, could deal real damage to the nation's industry and small businesses.

Argentina's parliament handed populist President Javier Milei his first legislative triumph on Friday, approving his economic reform package after months of debate.

"We are going to give President Milei's government the tools to reform the state once and for all," ruling bloc head Gabriel Bornoroni said in his closing speech.

Milei began congratulating himself even before the package was adopted, hailing it as "the greatest fiscal adjustment not only in Argentine history, but in the history of humanity".

His government has applied a drastic, all-out fiscal austerity program, with the aim of achieving "zero budget deficit" by the end of 2024 to tame chronic inflation.

But budget cuts, including the paralysis of public works, coupled with a brutal devaluation of the peso by more than half in December, have strangled purchasing power.

Politically, Friday's green light means "a total success for the government", political scientist and economist Pablo Tigani told AFP.

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