Argentine President Javier Milei completed one year in office on Tuesday, December 11. In a televised speech for his citizens, Milei announced that the currency controls currently in place will all be lifted by 2025 and dollar transactions will be allowed for all cases that now enforced only the Argentine Peso.
Milei also promised that he plans to eliminate ‘90% of all current taxes’ in Argentina, adding that his government is already working on a new taxation scheme.
Milei stated that he is pursuing a new trade deal with the USA and soon, ‘inflation will be a bad memory’. Since the day of assuming office, Milei’s government has been implementing a stringent austerity program to reduce the budget deficit and bring down inflation in the country. He has fired thousands of government employees from jobs and slashed subsidies on public transport, fuel and energy.
While monthly inflation has indeed dropped in Argentina, poverty has risen. 53% of the Argentine population is said to be under poverty line.
