Sergio Massa, until recently the president of the House of Representatives, the lower body of the National Congress of Argentina, has been named “super-minister” of the Economy and will oversee three ministries, to deal with the political and economic crisis in the country, the presidency announced yesterday Thursday.
The appointment marks the merger of the Ministry of Economy, headed by Silvina Batakis since July 4, that of Productive Development and that of Agriculture, Livestock and Fisheries, headed by Daniele Scioli since June 15.
Argentina is plagued by inflation that is among the highest in the world, reaching 36.2% cumulatively in the first half of this year alone, while 37% of its 45 million citizens are mired in poverty.
Mr. Massa, a 50-year-old lawyer with a long political career, will take up his duties once “the issue of his resignation from his seat is settled” in Parliament, according to a press release from the presidency.
Mrs. Batakis, of Greek origin, who returned from Washington, where she met with the Director General of the IMF, Kristalina Georgieva, will leave the post of Minister of Economy and assume the presidency of the National Bank of Argentina, a public financial institution. It is unclear, at least at this stage, whether Mr Scioli will retain his post or not.
Argentina, whose government is negotiating with the International Monetary Fund to restructure a $44 billion loan it received in 2018, has pledged to reduce the public deficit from 3 percent in 2021 to 0.9 percent of GDP in 2024.
But the fiscal adjustment is hitting the poorest hardest, who are already seeing their purchasing power dissipate in the face of skyrocketing inflation.
Argentina’s central bank earlier yesterday raised its key interest rate by 8 percentage points to 60%, its seventh hike this year, as it seeks to curb inflation.
Thousands of protesters marched yesterday to call for a “guaranteed minimum income” of about 67,000 pesos ($490 at the official exchange rate) for the most vulnerable people.
Source: AMPE
Source: Capital
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