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Tags: argentina | javier milei | cuts | jobs | economy | overhaul

Argentina's Pres. Milei Cuts 5K Jobs in Economic Overhaul

By    |   Tuesday, 26 December 2023 08:34 PM EST

Argentina's newly inaugurated president, Javier Milei, has declared that over 5,000 government employee contracts initiated in the year leading up to his assumption of office will not be renewed.

The mass layoffs are part of a comprehensive strategy aimed at slashing the nation's bureaucratic size, as promised by the right-wing libertarian leader, reported Politico.

Milei, who took office on Dec. 10, has unveiled an extensive plan involving substantial cutbacks and devaluations to rejuvenate the country's struggling economy. Particularly, contracts for pre-2023 government hires will undergo review, signaling a measure to prevent the padding of payrolls by outgoing administrations in their final year.

With a projected inflation rate of around 200 percent by year-end, Milei has committed to reducing government regulations and payrolls as well as initiating the privatization of state-run industries to stimulate exports and investment.

Despite drawing protests, the president remains resolute in his commitment to these reforms.

Milei explained, "The goal is to start on the road to rebuilding our country, return freedom and autonomy to individuals, and transform the enormous amount of regulations that have blocked economic growth."

Approximately 300 previously announced changes include plans to privatize many government-owned enterprises, loosen protections for renters, employees, and shoppers, and implement a 50 percent devaluation of the Argentine peso.

Other measures involve subsidy cuts to energy and transportation and the closure of select government ministries. These steps come amid a backdrop of soaring inflation and escalating poverty rates.

A 53-year-old economist, Milei gained popularity through televised, profanity-laden critiques against what he termed the political elite. His ascent to the presidency was supported by Argentines disenchanted with the persistent economic crisis.

Jim Thomas

Jim Thomas is a writer based in Indiana. He holds a bachelor's degree in Political Science, a law degree from U.I.C. Law School, and has practiced law for more than 20 years.

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Argentina's newly inaugurated president, Javier Milei, has declared that over 5,000 government employee contracts initiated in the year leading up to his assumption of office will not be renewed.
argentina, javier milei, cuts, jobs, economy, overhaul
271
2023-34-26
Tuesday, 26 December 2023 08:34 PM
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