May 2nd, 2025
1. President Milei and Luis Caputo participated in Expo EFI 2025
President Javier Milei spoke for more than an hour before businessmen within the framework of the Expo EFI 2025 held at the Buenos Aires Convention Center. The President assured that the stabilization stage promoted by the Government is over and anticipated that “it is time for economic growth”. After him,the National Minister of Economy participated in the 12th edition of Expo EFI (Economy, Finance and Investment Exhibition), the most important economic-financial event in Argentina. During his speech, Caputo highlighted the remonetization of the economy as an essential pillar to sustain economic growth. He stressed the need to increase the circulation of pesos and dollars, anticipating measures to promote the use of both currencies and consolidate a monetary competition scheme. Caputo also emphasized that the Central Bank’s profits, obtained by lowering the country risk, will be used to strengthen reserves and cancel debt, not to finance public spending. Furthermore, he reaffirmed the Government’s commitment with the tax reduction, conditioned to the maintenance of the fiscal surplus and the economic growth. He highlighted that, despite the reduction of the fiscal and quasi-fiscal deficit, the economy grew by 6% between December 2023 and December 2024, real wages increased by 15% and 10 million Argentines were lifted out of poverty. He indicated that banks have again prioritized credit to the private sector, which boosts economic growth. Finally, he announced that the Government will move forward with structural reforms in the fiscal, labor and social security areas to reduce the Argentine cost and discourage informality.
Argentina.gob.ar: Luis Caputo en Expo EFI: “Estamos por presenciar los mejores 20 o 30 años de nuestra historia”
2. Seventeen candidates debate prior to Buenos Aires elections
The Buenos Aires legislative debate for the May 18 elections gathered 17 candidates. Among the main speeches, Manuel Adorni (La Libertad Avanza) stood out. Aiming to transfer the “Milei model” to the City, he proposed, among other things, the closing of the public channel. Silvia Lospennato (PRO) highlighted her party’s experience in local management and criticized the lack of concrete proposals of her opponents. Leandro Santoro (Es Ahora Buenos Aires) focused his speech on the need to recover solidarity and stop the privatization of public services. Horacio Rodríguez Larreta (Volvamos Buenos Aires) pointed against his successor, Jorge Macri, calling the City “pitiful.” Ramiro Marra (UCeDé) focused on public order issues, while Ricardo Caruso Lombardi (MID) brought a more colloquial and relaxed tone to the debate. The format of the debate, with limited time for questions and answers, made it difficult to go deeper into legislative proposals, resulting in rehearsed interventions and little interaction between the candidates. The national polarization between libertarianism and Kirchnerism was reflected in the general tone of the meeting, with crossed accusations and few moments of consensus.
3. Francos appears before Congress in interpellation for $Libra case
The Chief of Cabinet of the Nation, Guillermo Francos, appeared before the Chamber of Deputies in an interpellation for the case of the $Libra cryptocurrency promoted by President Javier Milei, which turned out to be an alleged scam. Francos denied that the National State or the President had formal links with the project, stating that Milei only shared public information and that there were no contracts or official directives related to $Libra. However, he acknowledged that Milei met with the promoters of the cryptocurrency in the Olivos residence, meetings authorized by the Secretary of the Presidency, Karina Milei. Francos insisted that the President did not receive any economic consideration and that the State did not participate in the project. The interpellation, which lasted more than six hours, was marked by tense exchanges between Francos and deputies of the opposition, who questioned the lack of concrete answers and the absence of the Ministers of Economy and Justice, Luis Caputo and Mariano Cúneo Libarona, respectively, who excused themselves due to “urgent agenda issues.” In view of the uneasiness generated, it was agreed to summon them again for May 14.
4. Unions and employers fail to reach agreement on minimum wage; National Government will have to define increase
The Minimum, Vital and Mobile Wage Council (SMVM) failed to reach an agreement between employers and unions in its last meeting, which led the Government to intervene by means of an award to establish the new minimum wage and unemployment benefit for April, May and June. The unions requested an increase in the SMVM to AR$644,000 for April, while the business representatives offered AR$301,300, less than half of what was requested by the unions. The business proposal represented an increase of 1.5% over the minimum wage in effect in March, which was AR$296,832 per month. In view of the lack of consensus, the government will have to define the new values in the next few days. The minimum wage has experienced a significant loss of purchasing power in recent years. According to a CIFRA report, in April 2025, the SMVM stood at a real level 44.1% lower than in November 2019 and 57.3% lower than in November 2015. If it had not lost purchasing power, the minimum wage would be close to AR$700,000.
Clarín: Salario Mínimo: sin acuerdo entre empresarios y sindicatos, define el Gobierno
5. PASO elections suspended in the Province of Buenos Aires
The Chamber of Deputies of the Province of Buenos Aires gave final approval to the suspension of the Primary, Open, Simultaneous and Mandatory (PASO) elections in the Province of Buenos Aires, which were scheduled for July 13. Voting will take place directly in the General Elections, on September 7. Thus, there will be two elections this year within the Province of Buenos Aires: the provincial elections and the National Legislative Elections, which will be held on October 26. The sanction, with more than two-thirds of the votes, took place in the midst of the tensions that mark the relationship between the Governor, Axel Kicillof, and the hardest Kirchnerism, aligned behind the former President Cristina Kirchner, a discussion that takes place within the framework of the fight for the places on the ballots of an election that is crucial for the political future of the country.
Urgente 24: No habrá PASO en la PBA y queda definir el cronograma electoral