Javier Milei, the candidate who led the way in Argentina’s presidential primaries, has announced his intention to shut down the country’s central bank if he wins the elections in October. He also expressed his commitment to making every effort to prevent sovereign default and to dollarize the economy with an infusion of $640 billion.
Milei believes that his audacious fiscal adjustments will enhance Argentina’s reputation and credit status, preventing defaults.
He further stated that he would not seek additional funds from the IMF and plans to exit the Southern Common Market (Mercosur).
His proposals include substantial reductions in public works by the mid-2020s, decreasing the number of government ministries, ending subsidies, and capital controls to reduce expenditure, accounting for at least 13% of GDP.
