Thursday, May 23, 2024

ECONOMY | 29-02-2024 11:04

President Javier Milei won't resubmit reform plan to Congress until late 2025

In an interview with British newspaper the 'Financial Times,' President Javier Milei says his sweeping 'omnibus bill' will be resubmitted to Congress – but not until December 2025

President Javier Milei intends to resubmit his shelved reform package to Argentina’s Congress in December 2025 after midterm elections he expects will increase his party’s representation, according to an interview with the Financial Times.

The so-called 'omnibus bill' — Milei’s legislative centrepiece in reforming Argentina’s crisis-prone economy — got sent back to committee in the lower house Chamber of Deputies last month after lawmakers began voting it down article-by-article. The La Libertad Avanza leader said that for now he will send reforms to Congress one at a time instead of in large packages. He’ll also rely on decrees. 

“There are other reforms which we can do by decree,” Milei told the FT, adding that he has unveiled 1,000 reforms but has another 3,000 to present. 

Milei reiterated to the newspaper that the International Monetary Fund estimates his government can lift currency controls by the middle of this year. He also said Argentina could return to international capital markets in 2025 if his administration maintains a fiscal balance. 

The president dismissed the possibility of social uprising or chaos as a result of his economic shock therapy programme centred around an aggressive austerity campaign. 

“There is zero chance of a social uprising, unless there is a politically motivated event or [one involving] foreign infiltrators,” Milei told the Financial Times.

by Patrick Gillespie, Bloomberg


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