👀 Ones to watch: Undervalued stocks to buy before they report Q3 earningsSee Undervalued Stocks

Argentina's Milei pledges to protect fiscal balance in budget speech

Published 09/15/2024, 11:20 PM
Updated 09/15/2024, 11:26 PM
© Reuters. Argentine President Javier Milei presents the fiscal year 2025 budget, at the National Congress in Buenos Aires, Argentina, September 15, 2024. REUTERS/Agustin Marcarian
USD/ARS
-

By Hernan Nessi

BUENOS AIRES (Reuters) - Argentina's President Javier Milei said during a presentation to Congress on Sunday on the 2025 budget that he would defend his government's commitment to maintaining fiscal balance and veto all bills that threaten it.

Milei, who took office in December, adopted stringent austerity measures to tackle rampant inflation and stabilize the economy, and has called a balanced budget non-negotiable.

He stated he would only consider increasing expenses if spending elsewhere were to be reduced in equal measure.

"If not, it will be vetoed," he said.

Milei also said his aim was to maintain fiscal balance, regardless of macroeconomic issues.

"This draft budget...has a methodology that protects the fiscal balance no matter what the economic scenario is," he said.

© Reuters. Argentine President Javier Milei presents the fiscal year 2025 budget, at the National Congress in Buenos Aires, Argentina, September 15, 2024. REUTERS/Agustin Marcarian

The draft budget foresees the economy expanding 5% in 2025, with inflation at 18.3% and the exchange rate reaching 1,207 pesos per dollar by the end of the year.

It also projects gross domestic product growing 5% in 2026 and 5.5% in 2027.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.