Argentina’s Domestic Trade Secretary Roberto Feletti, whose price control measures proved unsuccessful, resigned from his post Monday in the latest sign of infighting over the government’s economic strategy as annual inflation approaches 60 percent.
Feletti’s departure comes after his post was reassigned from the Productive Development Ministry to the Economy Ministry Friday, where he would have had to report to Minister Martín Guzmán. Instead, Feletti announced Monday via Twitter that he was resigning. The Economy Ministry named Guillermo Hang, a member of the board of the Central Bank, as his replacement.
“The discrepancies over the the path taken and economic tools chosen are what’s making me take this decision,” Feletti wrote in his resignation letter to President Alberto Fernández, urging for “better coordination of the economic cabinet.”
Feletti is an official loyal to powerful Vice-President Cristina Fernández de Kirchner, who has publicly criticised the president for not tackling inflation. Despite a cobweb of currency and price controls, inflation is now running at its fastest pace in 30 years and remains at one of the highest levels in the world.
In his seven months on the job, Feletti bolstered the amount of products included in a stern price control programme, as well as export restrictions that the business community labeled anti-competitive. Inflation continued to climb, reaching as high as 6.7 percent for a single month in March.
His resignation comes as government officials go through the first review of the country’s US$44-billion programme with staff of the International Monetary Fund.
by Patrick Gillespie, Bloomberg