Argentina’s spending-slashing new President Javier Milei has hailed his country’s first quarterly budget surplus since 2008 as an “historic achievement.”
In the first quarter of 2024, the South American country recorded a budget surplus of about 275 billion pesos (some $309 million at the official rate), he told national TV late Monday.
This amounted to a surplus of 0.2 percent of GDP.
“This is the first quarter with a financial surplus since 2008,” said Milei, referring to his left-wing rival Cristina Kirchner’s first year in the presidency.
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.
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