Saturday, April 20, 2024

Argentine president begins flying commercial to lead example in country’s cost-cutting measures

Earlier this month, Mr Milei slashed car purchases for government officials by 50 per cent.

• December 30, 2023
President Javier Milei
President Javier Milei [Credit: BBC]

Following his promise to cut the cost of governance, Argentina’s President, Javier Milei, has begun flying commercial airlines as part of his move to dig the nation out of its worst economic crisis.

He was welcomed by fellow passengers who boarded the commercial flight earlier today in a viral video.

Mr Milei, who is gradually setting an example of good leadership, had, shortly after taking the mantle of power, declared the sales of two airplanes belonging to the state-run oil company YPF (Yacimientos Petrolíferos Fiscales) to save $3 billion per year.

The YPF is a vertically integrated, majority state-owned Argentine energy company engaged in oil and gas exploration and production, used exclusively by “privileged politicians” in the country.

Earlier this month, Mr Milei slashed car purchases for government officials by 50 per cent and also announced a reduction in government drivers and vehicles.

He took over the country struggling with runaway inflation and has begun to do everything he could to tackle the economic crisis.

“One of the great objectives we have as a Government is to put an end to privileges. The adjustment we intend to make on political expenses, only in operating expenses, is around US$ 3 billion per year.

“Talking about 15,000% inflation is frightening for everyone and that is what we are working on. It is good to understand that today inflation is running at around 3,678% per year; this 1% of daily inflation leaves us immersed in hyperinflation that we are trying to avoid and we are making an effort so that the catastrophe does not end up happening,” Mr Milei said in a statement issued earlier this month by his spokesman, Manuel Adorni.

However, economists have revealed that the move by Mr Milei changed the country’s official rate to 800 pesos per dollar from 365 pesos and comes just days into his term.

Revealing the reduction in the exchange rate gap between the official and “blue” – an euphemism for the black market, Mr Milei pointed out that his administration was focused on injustice, which was another major objective to put an end to privileges by politicians.

Shortly after taking the oath of office earlier in December, Mr Milei had told the citizens of the country to brace for massive public spending cuts as parts of emergency measures to help the nation’s struggling economy.

Argentina had been trapped in recurring cycles of deep and destructive economic contractions brought on by policies that force governments to routinely spend more than they collect through taxes and other income, according to economists.

We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.

More from Peoples Gazette

Katsina State

Politics

Katsina youths pledge to deliver over 2 million votes to Atiku

“Katsina State is Atiku’s political base because it is his second home.”

Ukrainian President Volodymyr Zelensky

World

Zelensky thanks U.S. House of Reps over approval of $61 billion military aid for Ukraine

After months of obstruction, the U.S. House of Representatives had approved a nearly $61 billion aid package for Ukraine.

Heroin used to tell the story

World

Large quantity of heroin found in mattresses from Iran

The drugs, worth the equivalent of €8.5 million ($9.06 million) and destined for an EU country, were hidden in mattresses.

Cubana Chief Priest

Showbiz

Cubana Chief Priest transfers cash to Abuja wedding hype man as naira mutilation charges grip Nigerian socialites

Cubana’s Chief Priest’s choice of transferring instead of spraying the naira notes comes days after he was arraigned on three count charges by the EFCC.

Martin Odegaard

Sport

Arsenal back at EPL table summit with 2-0 away win over Wolves 

With 74 points now, Arsenal will be at the summit of the league table unless Liverpool beat Fulham by more than 10 goals or if Manchester City win fixture against Brighton.

Chief of Defence Staff (CDS), General Christopher Musa [Photo Shettima]

Africa

CDS Musa commiserates with Kenya over death of defence chief

The CDS urged Kenyans to be consoled by the good name and great memories of the defence chief’s impactful and meritorious service to the nation.

Usman Ododo

Hot news Home top

Ondo APC Primary: Despite condemnation by guber aspirants, Ododo says process transparent

Mr Ododo stressed that the committee was well guided by the APC guidelines for nominating candidates for general elections and relevant provisions of the Electoral Act 2022.