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THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

Politics

Politics

Argentina’s Milei signs decree to boost exports and deregulation

Argentina's President Javier Milei looks on as he attends a Hanukkah celebration in Buenos Aires, Argentina, December 12, 2023. REUTERS/Tomas Cuesta//File Photo
Argentina's President Javier Milei looks on as he attends a Hanukkah celebration in Buenos Aire... Argentina's President Javier Milei looks on as he attends a Hanukkah celebration in Buenos Aires, Argentina, December 12, 2023. REUTERS/Tomas Cuesta//File Photo
Argentina's President Javier Milei looks on as he attends a Hanukkah celebration in Buenos Aires, Argentina, December 12, 2023. REUTERS/Tomas Cuesta//File Photo
Argentina's President Javier Milei looks on as he attends a Hanukkah celebration in Buenos Aire... Argentina's President Javier Milei looks on as he attends a Hanukkah celebration in Buenos Aires, Argentina, December 12, 2023. REUTERS/Tomas Cuesta//File Photo

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Argentina’s Milei signs a decree to boost exports and deregulation. As his new government fights an economic crisis, Argentine libertarian President Javier Milei issued a decree on Wednesday ending export restrictions and loosening regulations.

“This is only the first step,” Milei stated on TV. “The objective is to return freedom and autonomy to individuals and start dismantling the enormous amount of regulation that has impeded, hindered, and stopped economic growth,” he said.

The measures include privatizing state-owned corporations, although Milei would not name them.

Milei, an anarcho-capitalist, has supported privatizing state-owned oil giant YPF (YPFD.BA).

Since his appointment on Dec. 10, Milei has promised “shock” economic treatment, including severe budget cutbacks, to curb triple-digit inflation.

The former TV commentator won on a vow to reverse the economic recession and blame corrupt elites for the country’s problems.

His administration, which has depreciated the peso by almost 50%, proposes to raise taxes on Argentina’s grain exports, a major supplier of processed soybeans, corn, and wheat.

Last week, agricultural organizations surprised and criticized the effort for additional taxes to earn income to decrease other levies, predicting it would damage the industry.

Grain exports provide the central bank with foreign currency reserves for purchases and debt repayment.

In Buenos Aires, the country’s capital, hundreds protested the government’s austerity measures on Wednesday to demand more assistance for people experiencing poverty. Argentine poverty rose beyond 40% in the first half of the year.


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