Despite Odds, President Milei Announces Argentina’s First Quarter Financial Surplus of 0.2% GDP

President Javier Milei of Argentina has announced that the country achieved a financial surplus of 0.2% of Gross Domestic Product (GDP) in the first quarter, despite predictions from various sources that it would not be possible. Milei made the announcement on Monday night (22), calling it a “feast of historic proportions at a global level.”

The national public sector had a financial surplus of more than 275 billion pesos (R$ 1.6 billion) in March, resulting in the positive balance for the first quarter. President Milei emphasized that this path is crucial to ending the inflationary crisis that has persisted in Argentina since the fall of convertibility in the early 2000s.

Although inflation in Argentina remains high at 287.9% over 12 months, there was a decrease in monthly variation compared to February, marking the third consecutive month of a slowdown. President Milei acknowledged the challenges his government faced upon taking office and praised the efforts of most Argentines who made sacrifices for economic stability.

Milei emphasized that ending the fiscal deficit sustainably and morally is achievable and attributed the gradual decrease in inflation to his administration’s measures. He expressed gratitude to the Argentine population for their resilience and acknowledged their role in securing a better future for their children.