Argentina: Javier Milei Wants To Solve Central Bank Problems, Execute Reforms ASAP

In a decisive move aimed at swiftly addressing economic challenges, Argentina President-elect Javier Milei is set to convene an extraordinary session of the congress and present a comprehensive package of reforms on December 11, immediately following his inauguration.

Emphasizing the urgency of the situation, Milei highlighted the need to address issues plaguing the central bank promptly, particularly curbing inflation-inducing money printing, Yahoo! Finance noted.

During a recent interview broadcast on LN+ TV, Milei expressed his determination to tackle the central bank's problems and cease inflationary practices without waiting for the traditional start of congressional sessions in March.

Once the government achieves stability in public finances and the central bank's balance sheet, Milei envisions lifting capital controls and unifying the nation's diverse exchange rates.

Notably, he clarified that the closure of the central bank on day one was never a commitment he made.

Buoyed by a positive market response to his victory in the November 19 runoff, marked by a rally in sovereign bonds and YPF's debt, Milei is emboldened to pursue his "shock therapy" agenda of fiscal adjustment.

The libertarian economist expressed confidence that the market accurately interpreted the signals from his incoming government, providing them with greater strength to advance fiscal order.

Addressing concerns about potential hardships resulting from proposed spending cuts, Milei acknowledged the potential pain but asserted that if financial markets cooperate and interest rates decline, the impact would be mitigated.

This consideration is crucial in a country where over 40% of the population lives below the poverty line.

Argentina's President-Elect Initiates Diplomatic Outreach to the US

In another significant development, Argentina President-elect Javier Milei is set to embark on his first official trip to the United States, according to AP.

Scheduled to meet with President Joe Biden's national security adviser, Jake Sullivan, in Washington on Tuesday, Milei aims to discuss economic policy priorities with senior Treasury officials.

While President Biden will be unavailable for a meeting due to prior commitments, the Treasury Department highlighted the importance of continuing to explore avenues for cooperation with Argentina.

John Kirby, spokesman for the National Security Council, emphasized the significance of maintaining open communication channels with Argentina, describing the nation as a healthy and vibrant partner in the hemisphere.

Milei's economic policy advisers are slated to engage with senior Treasury officials to elucidate the incoming administration's economic plans, focusing on fiscal adjustment, monetary reform, state reform, and deregulation.

A spokesperson for the new Argentina president clarified that the meetings in Washington are protocol-driven and aimed at explaining the economic plan, emphasizing that they are not seeking financial assistance but rather fostering cooperation.

Javier Milei Receives Rosary from Pope Francis Despite Argentina President-Elect's Criticisms

In a surprising turn of events, despite previous criticisms, Argentina's President-elect Javier Milei received a meaningful gesture of goodwill from Pope Francis.

The Office of the President-Elect confirmed that on November 24, Milei was gifted a rosary blessed by the Holy Father, marking the beginning of a new chapter in their relationship, per Catholic News Agency.

The rosary, sent to both Milei and Vice President-elect Victoria Villarruel, followed a phone call between Milei and Pope Francis, during which the pontiff congratulated the incoming president and offered words of advice for his governance.

Taking the opportunity, Milei extended an invitation to Pope Francis to visit Argentina in 2024.

This unexpected exchange comes as Milei publicly apologized for past insults and criticisms directed at Pope Francis.

The president-elect's victory on November 19 signaled a departure from the previous government's policies, with Milei championing economic proposals centered around tax reduction, subsidy removal, and the promotion of a free market.

As Argentina prepares for a new era under Milei's leadership, the president-elect is set to take office on December 10.

This article is owned by Latin Post.

Written by: Bert Hoover

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