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President Milei Announces Public Sector Job Cuts

ARGENTINA
  • President Milei said yesterday that the government plans to cut 70,000 public sector workers as part of its strategy to achieve fiscal balance this year. He also said that the government has frozen spending on some public projects and cut back on funding to the provinces to contain government expenditure. In other comments, he said that he expects a v-shaped recovery in the economy and that the central bank is on the path to achieving net neutral reserves. He also repeated previous comments that he will push on with his reform agenda after the 2025 congressional elections, saying that he has more than 3,000 reforms in the pipeline.
  • Separately, the government approved new electricity prices to be charged by Edenor and Edesur starting April 1 and authorised an increase in the wholesale gas price for next month. The government also extended the deadline to repatriate assets located abroad until April 30, from March 31.
  • The domestic calendar is light today, with just wages data for January scheduled to release at 1900GMT(1500ET). Wages rose by 8.9% m/m in December. Earlier, the consumer confidence index edged up to 36.68 in March, from 36.06 previously.
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