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Finance Minister Fernando Haddad harshly criticizes Javier Milei's management and raises concerns about the economic impact on Argentina.
The Minister of Finance, Fernando Haddad, harshly criticized the economic measures implemented by Argentine President Javier Milei in an interview with CNN this Friday (17).
According to Haddad, Milei's reforms are leading Argentina to an unprecedented economic collapse. He pointed to inflation exceeding 100% and a 4% drop in GDP as evidence of the instability generated.It is incomprehensible to imagine that Brazil would follow this example. We are talking about 60% of the Argentine population living in poverty.“He said.
Despite the criticism, Milei's government released data highlighting economic progress. Argentina's Finance Minister Luis Caputo announced that the country had recorded its first financial surplus since 2011 and its best primary result since 2009.
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Argentine government released data
According to Caputo, the primary surplus reached 1,8% of GDP, while the financial surplus reached 0,3% of GDP in 2024. In values absolute, this represents between 18 and 19 billion dollars.
Caputo attributed the results to reforms led by Milei, including drastic cuts in subsidies, layoffs of 33 public workers and the lifting of price controls. “These measures were necessary to restore macroeconomic stability and promote social peace,” the minister said on social media.
Another positive point was the appreciation of the Argentine peso. A specialized consultancy classified the currency as “the best in the world” in 2024, adjusted for local inflation.
Furthermore, the difference between the official dollar and the parallel dollar, known as the “blue dollar”, fell from 200% to 20%, a relevant milestone in the monetary stabilization effort.
Argentina's country risk, measured by JP Morgan, also fell significantly, reaching its lowest level since 2018.
This indicator reflects the confidence of international investors in the country's ability to pay its debt, showing that, at least for the market, Milei's reforms are having an effect.
Who is this **** taxadd to say that the milei is sinking Argentina's economy, the IMF (International Monetary Fund) said that the economy is recovering!!
I don't know what world Haddad lives in, but here on the coast of SC, we've never seen so many Argentines. They leave the stores with bags and bags full.