Argentine President Milei Signs Decree to Boost Economy
President Milei Signs Decree to Boost Economy
The Argentine libertarian President Javier Milei signed a decree on Wednesday outlining economic reforms aimed at ending limits on exports and loosening regulations to combat the severe economic crisis in the country.
First Steps Towards Economic Freedom
In a televised address, Milei emphasized that the decree is only the first step towards returning freedom and autonomy to individuals and dismantling the numerous regulations that have hindered economic growth in Argentina.
Plans for Privatization
The economic reforms also include plans to privatize state-owned companies, although specific firms were not named by Milei. He has previously expressed favor for the privatization of state-owned oil company YPF.
Shock Therapy for the Economy
Since his inauguration on Dec. 10, Milei has pledged “shock” therapy for the economy, including deep spending cuts to address triple-digit inflation. His government aims to reverse the prolonged economic slump and combat corruption.
Challenges and Protests
Milei’s government has faced challenges, including devaluing the local peso currency by over 50% and plans to increase taxes on Argentina’s grains exports, which has sparked criticism and protests in Buenos Aires.
Rising Poverty Rates
The push for austerity measures comes as Argentina’s poverty rate surpassed 40% in the first half of the year, leading to widespread protests and demands for more support for the poor in the country.
By Maximilian Heath
