March 20th, 2026
1. The government has sent a package of bills to Congress on security, private property, and spending cuts
The national government presented a package of legislative bills that will be submitted to Congress in the coming weeks, in a move aimed at regaining the parliamentary initiative. The package was formally announced by Adorni following a meeting of the Political Bureau attended by Karina Milei, Santiago Caputo, Ministers Diego Santilli and Luis Caputo, and the president of the Chamber of Deputies, Martín Menem. The first initiative is a reform of the Penal Code, aimed at toughening penalties and incorporating new criminal offenses, including the elimination of statutes of limitations for corruption crimes, with treatment similar to that of crimes against humanity. The second block includes bills on private property: an expropriation law, a land law, a fire law—which would eliminate the 30- to 60-year ban on changing the use of burned land—and a land title regularization law for socio-urban integration. Two bills with significant social impact round out the package. Regarding higher education, the ruling party proposes replacing the current salary adjustment mechanism with a 12.3% increase in three installments, without coverage for inflationary losses. On disability issues, the government did not provide details but noted that the amendment aims to align the law with fiscal balance. Both laws had been approved by Congress in 2025 and vetoed by the executive branch.
2. Milei spoke in Córdoba with an optimistic outlook on the economy, while the $LIBRA scandal is once again putting pressure on the government
President Javier Milei led an extensive presentation at the Córdoba Stock Exchange, during which he reaffirmed his economic agenda and projected that inflation could start at zero in August. He was accompanied by Chief of Staff Manuel Adorni, Karina Milei, and Martín Menem, and made no mention of the legal controversies surrounding his administration. During his speech, the president emphasized that his administration is maintaining the fiscal surplus and projected a sustained improvement in the country’s credit rating. He also defended economic openness, criticized the protectionist model, and called on citizens to invest their savings in the financial system to boost the economy. Meanwhile, the $LIBRA case has regained prominence. The investigation began in February 2025, when Milei posted a message on the social media platform X announcing the launch of the cryptocurrency. Within hours, the asset’s value jumped from pennies to nearly five dollars, only to crash shortly thereafter. According to the allegations, a small group of traders reportedly withdrew nearly $100 million, while other investors suffered losses in the millions. In recent days, the case file incorporated the results of a forensic analysis of trader Mauricio Novelli’s cell phone, who reportedly had multiple contacts with Milei minutes before and after the post that drove up the asset’s value. The analysis of the device also revealed messages, financial transactions, and how Novelli allegedly used his connection to the president as a business tool. Despite the progress of the investigation, no suspects have yet been identified or charged in the case. The individuals under investigation have not been formally charged, and many of them—including the President and his sister—have not yet appointed defense attorneys. Eventually, the prosecutor or the plaintiffs could request that Milei be questioned, although the President enjoys immunity from arrest.
Infobae: Milei habló en Córdoba: insistió en que la inflación empezará con 0 en agosto y se mostró con Adorni
3. In February, the government posted a budget surplus for the second consecutive month
The National Public Sector (NPS) ended February with positive fiscal results for the second consecutive month. The primary surplus reached $1.4 trillion, and the fiscal surplus reached $144.421 billion, despite the decline in tax revenues and social security contributions. Total national government revenues reached $11.8 trillion in February, of which $10.9 trillion came from tax revenues. In real terms, this figure represents a year-over-year decline of nearly 9%. To offset this decline, the government deepened spending cuts and relied on non-tax revenues: property taxes and “other non-tax revenues” together contributed more than $850 billion. Regarding spending, total SPN expenditures amounted to $10.4 trillion, with a nominal increase of 21% but a real reduction of nearly 8%. Social security spending, which accounts for the largest share of expenditures, reached $7.1 trillion and recorded a real decline of approximately 6.6%. For the year to date, the first two months of 2026 closed with a fiscal surplus equivalent to 0.1% of GDP and a primary surplus of nearly 0.4% of GDP, within the indicative first-quarter targets agreed upon with the IMF.
IProfesional: El Gobierno registró otro mes de superávit financiero: menos recaudación y fuerte recorte en el gasto
4. The wholesale price index recorded its smallest increase since mid-2025 in February
Wholesale inflation rose by 1% in February, the lowest figure since May 2025, confirming the slowdown that had already begun to emerge in January. The change was driven by a 1.3% increase in domestic products and a 2.7% decline in imported goods. The data was published by INDEC in its report on the Domestic Wholesale Price Index (IPIM). Year-over-year, the variation was 25.6%, while in the first two months of the year it accumulated a 2.7% increase, compared to the CPI’s 5.9% for the same period. The government welcomed the result. Economy Minister Luis Caputo noted that this is the third time since June 2020 that the IPIM has shown a monthly variation of 1% or less. President Javier Milei reposted the update and highlighted the decline. However, experts cautioned that the relationship between wholesale and retail inflation is not direct. They noted that rate hikes due to the removal of subsidies and increases in regulated prices, such as public transportation, impact the CPI but are not included in the wholesale basket, which measures only goods. Even so, they estimated that once March—a month of high seasonality—is over, some CPI categories could decline as early as April.
5. Unemployment has reached its highest level since the pandemic began, and young people are the hardest hit
Unemployment reached 7.5% in the fourth quarter of 2025, an increase of 1.1 percentage points compared to the same period the previous year, according to INDEC. This marked the highest year-end level since 2020. Extrapolated to the total population, unemployment affected nearly 1.7 million Argentines, representing an increase of 230,000 unemployed people compared to the end of 2024. Looking at Milei’s administration from start to finish, unemployment rose from 5.7% to 7.5%, an increase of 1.8 percentage points. At the same time, informal employment rose by about 1 percentage point, while formal employment fell from 57.8% to 56.9%. The blow was particularly hard on young people. While the overall unemployment rate reached 7.5%, among those under 29, unemployment climbed to 17%, more than double the average. Among young men, the rate rose from 12.5% to 16.2%, and among young women, it climbed from 13.8% to 16.8%. In addition, among young people aged 16 to 24, informal employment affects 7 out of every 10 workers, with a rate of 67%, well above the 43.3% recorded among adults.
La Nación: El desempleo aumentó en 2025 y cerró el año en 7,5%