March 28th, 2024


1. Milei gave a speech at the IEFA Latam Forum

Last Tuesday the 26th, the IEFA Latam Forum 2024, an important event organized by the International Economic Forum of the Americas, was held in Buenos Aires, attended by important exponents of the business industry. President Javier Milei gave a closing speech about his economic management and the future of the companies in the country. Among his main points were his remarks about public employment, since he stated that he would end with more than 70,000 state contracts. “We eliminated discretionary transfers to the provinces, we also dismissed 50,000 public employees; not only that, but also contracts were terminated, notice that now more contracts are falling and 70,000 contracts are going to fall,” he said before the audience of approximately 200 people. In addition, he mentioned that they are working on the elimination of the foreign exchange trap, and with this, the issuance would be stopped. On a more political side, the President added that in the mid-term election in 2025, “we are going to change the configuration of the Congress and we will be able to introduce all the reforms that we are not allowed to do now.” And he added that “70% of Argentines are convinced that we are going to defeat inflation.”

Infobae: Javier Milei confirmó que el Gobierno dará de baja 70 mil contratos de empleados públicos

2. IMF congratulates the government but warns it again to moderate its economic measures

Rodrigo Valdés, director of the Western Hemisphere Department of the International Monetary Fund, described as “impressive” the economic program of President Javier Milei, but asked that “the weight of the adjustment does not fall disproportionately on working families.” This is the second occasion in which the economic organization asks the government to be careful with the economic measures it takes. Despite this detail, the IMF’s comments in general endorsed the government’s economic management, highlighting that the plan is focused on ending Central Bank financing to the government, which is linked to policies aimed at lowering inflation and increasing reserves, adding that “impressive progress is being made in stabilizing the macroeconomy.”

La Nación: Advertencia de Rodrigo Valdés, del FMI: “Que el peso del ajuste no caiga desproporcionadamente sobre las familias trabajadoras”

3. Guillermo Francos took part in the Norte Grande Governors’ Summit

Guillermo Francos, Minister of the Interior of the Nation, participated in the 19th Assembly of the Regional Council in Salta, organized by the Summit of Governors of the Norte Grande. This meeting was attended by 10 governors: Gustavo Sáenz (Salta), Gerardo Zamora (Santiago del Estero), Gildo Insfrán (Formosa), Hugo Passalacqua (Misiones), Carlos Sadir (Jujuy), Osvaldo Jaldo (Tucumán), Gustavo Valdés (Corrientes), Leandro Zdero (Chaco), Raúl Jalil (Catamarca), and Ricardo Quintela (La Rioja). The meeting was useful for the government to generate a rapprochement with the provinces in order to seek agreements for the treatment in Congress of the new Law on Bases and Points of Departure and for the fiscal reform package. At the same time, the governors also took advantage of the occasion to present their demands to the government. Among these demands were the transportation and energy tariffs, the situation of national public works, and the National Teacher Incentive Fund (FONID), among others.

Ámbito Financiero: Norte Grande: Gobierno prometió a gobernadores que Nación habilitará fondos para grandes obras

4. Jorge Macri had a meeting with the UIA

This Tuesday, the Head of Government of the Autonomous City of Buenos Aires, Jorge Macri, held a meeting with the authorities of the Argentine Industrial Union (UIA) and called for the creation of links that will allow the City and the country to face the path of growth. In this sense, the Head of Government aimed at strengthening the relationship with the business sector and seeking, together, the best ways to enhance development opportunities. “No one knows better than you the impact of the crisis we are facing,” said Macri, accompanied by the Deputy Chief of Cabinet, Gabriel Sánchez Zinny, and the Secretary General and International Relations, Fulvio Pompeo. On behalf of the UIA, President Daniel Funes de Rioja participated, together with the rest of the Executive Committee of the entity. In this sense, Macri highlighted that the Government of the City of Buenos Aires implemented measures to support the industry, among them to exempt industrial SMEs located in the city from the payment of Gross Income, which will have a direct impact on 90% of the SMEs. In addition, he insisted that the crisis can be overcome by promoting private sector investment and said to forget about the “spending State.”

Gobierno de la Ciudad de Buenos Aires: En una reunión con la UIA, Jorge Macri propuso potenciar las oportunidades de desarrollo que le permitan crecer a la Ciudad

5. The government announced the new retirement formula and Universal Child Allowance increase 

In the midst of the economic crisis, and following the demands made by IMF Communications Director Julie Kozack to guarantee an increase in social assistance and to maintain the purchasing power of pensions, the national government announced that, as of March, the holders of family and universal allowances will receive an increase of 27.18% as a result of the application of the Mobility Law. Thus, the Universal Child Allowance (AUH) and the Pregnancy Allowance will increase to $52,554 for each child. Likewise, the National Government decided by decree to establish the new pension mobility formula that will have an impact on the pensionable assets only from July. The update will be based on the Consumer Price Index. Between April and May, the transition will be compensated with a series of adjustments determined by the decree.

Infobae: La AUH y las asignaciones familiares aumentarán un 27,18% a partir de este mes