Argentina's Milei Unveils Sweeping Decree to Deregulate Economy
New President Makes Good on Campaign Promise
Buenos Aires, Argentina (AP)
A closely watched measure of inflation in Argentina came in stronger than expected last month, according to government data released Wednesday. The Consumer Price Index (CPI) rose by 88% year-over-year in June, marking the highest inflation rate in over 20 years and highlighting the challenges facing the country's new president, Javier Milei.
Milei, who took office on December 10, has pledged to reduce government intervention in the economy and deregulate key sectors. On Tuesday, he unveiled a sweeping decree that aims to streamline the regulatory process and make it easier for businesses to operate in Argentina.
The decree includes measures to reduce the number of government permits required by businesses, simplify the tax system, and remove price controls on many goods and services. It also aims to promote competition and investment by reducing barriers to entry for new businesses.
"This is a historic day for Argentina," Milei said in a televised address. "We are finally taking the steps necessary to unleash the full potential of our economy and create a more prosperous future for all Argentines."
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