Argentinas Javier Milei announces nations first budget surplus in 16 years [Video]

BUENOS AIRES – Argentina’s spending-slashing new President Javier Milei has hailed his country’s first quarterly budget surplus since 2008 as a “historic achievement”.

In the first quarter of 2024, the South American country recorded a budget surplus of about 275 billion pesos (some S$400 million at the official rate), he told national TV late on April 22.

This amounted to a surplus of 0.2 per cent of gross domestic product.

“This is the first quarter with a financial surplus since 2008,” said Mr Milei, referring to his left-wing rival Cristina Kirchner’s first year in the presidency.

Mr Milei, who took office in December, boasted of “a feat of historic significance on a global scale”.

“If the state does not spend more than it collects and does not issue (money), there is no inflation. This is not magic,” the self-described “anarcho-capitalist” said.

Mr Milei won elections in November 2023vowing to reduce the deficit to zero – a …