Milei launches plan to rebuild Argentina’s economy

The president of Argentina, Javier Milei, announced this Wednesday evening a plan that considers the reform of more than 300 regulations in order to lay “the foundations for the reconstruction of the Argentine economy and restore freedom and autonomy to individuals, taking away the upper state”.

With the avowed goal of “Argentina being a world power,” the goal of this ambitious plan is “abolish a huge amount of regulations that prevented, inhibited and stopped the economic growth of our country”announced the Argentine president on the national radio-television network.

Milei announced that in the coming days he will “convene extraordinary sessions” of the National Congress and “send a package of laws that will accompany these reforms and advance the process of change.”

The Urgent Needs Decree (DNU) seeks to transform “all” state-owned enterprises into public enterprises for their “subsequent privatization”, in order to deregulate the country’s economy.

Privatization of public companies

The package that Milei will send to parliament for approval includes the abolition of the state-owned company regime and regulations that prevent the privatization of public companies.

“We have received the worst inheritance in history,” complained Argentina’s head of state – the first in the country’s history to be an economist – as he announced a plan aimed at ending the fiscal deficit, an endemic evil in the South American country.

Among the burdens received by governments in recent years, mostly of a Peronist nature, Milei stated “a consolidated deficit of 15% of GDP, the largest tax burden in the world, lack of reserves in the central bank, credit destroyed confidence, unbridled monetary emission and the annual inflation crisis of 15,000%”.

He also complained about the “serial fraudsters” who removed thirteen zeros from the peso and destroyed five other national currencies, about “two hyperinflationary crises without wars, 50% of the population below the poverty line, 10% of the poor population and five million Argentines who do not have enough to eat.

The government’s program includes the abolition of the Lease Law, the possibility for football clubs to become public joint-stock companies if they so wish, and the approval of the full or partial transfer of a package of Aerolíneas Argentinas shares.

Extraordinary sessions of the Congress

The regulation, which will be sent to Congress for approval in a special session, also provides for the repeal of the Supply Act, which provides for sanctions against companies in case of shortages of certain products, as well as the repeal of the Gondola Law, which requires supermarkets to offer a minimum of products produced by small businesses.

In addition, the measures announced on national radio and television establish a reform of the Customs Code to “facilitate” international trade and that “export bans are prohibited,” according to Milea.

The impact of a series of economic deregulation and public sector privatization measures announced by Milei was felt on the streets of Buenos Aires, where residents of some neighborhoods protested from intersections, windows and balconies, banging pots and other dishes.

“Out, Miley!”was heard in the streets of the capital of Argentina, where just a month ago the then presidential candidate La Libertad Avanza won with almost twelve points ahead of the official candidate and then economy minister Sergio Massa.

As EFE was able to ascertain, the protest was heard in several parts of the city, including some of the richest, such as Palermo and Belgrano, but also in more modest districts such as Caballito, Almagra and Avellaneda.

The announcement of the Government’s shock plan took place on the same day when about 3,000 people, at the invitation of social and left-wing organizations, took to the streets of the Argentine capital to show their disapproval of the policies of the ultra-liberal president, who has been in power plants for ten days. a serious adaptation plan with which it aims to reverse the endemic evils of the country’s economy.