Argentina’s new president lays off 5,000 government employees hired in 2023, before he took office

2024-12-24 07:35:56 source: category:Markets

BUENOS AIRES, Argentina (AP) — The administration of Argentina’s new President Javier Milei said on Tuesday that his government won’t renew contracts for more than 5,000 employees hired this year before he took office.

The move was part of a sweeping plan of cutbacks and devaluations announced by the right-wing libertarian since he took office on Dec. 10 to transform Argentina’s struggling economy.

The contracts for other government employees, who were hired prior to 2023, will be reviewed, authorities said. The 2023 cutoff is apparently meant to target the practice of outgoing presidents padding the payrolls in their final year.

With inflation expected to reach about 200% by the end of the year, Milei has pledged to reduce government regulations and payrolls, and allow the privatization of state-run industries as a way to boost exports and investment.

Other news A top Brazilian criminal leader is isolated in prison after he negotiated his own arrest Colombia’s ELN rebels say they will only stop kidnappings for ransom if government funds cease-fire Migrant caravan slogs on through southern Mexico with no expectations from a US-Mexico meeting

The cutbacks have already drawn protests but Milei has vowed to forge ahead.

“The goal is (to) start on the road to rebuilding our country, return freedom and autonomy to individuals and start to transform the enormous amount of regulations that have blocked, stalled and stopped economic growth,” he said.

Approximately 300 changes announced previously would earmark many government companies for privatization, and loosen protections for renters, employees and shoppers.

The steps include a 50% devaluation of the Argentine peso, cuts to energy and transportation subsidies, and the closure of some government ministries. They come amid soaring inflation and rising poverty.

Milei, a 53-year-old economist who rose to fame on television with profanity-laden tirades against what he called the political caste, became president with the support of Argentines disillusioned with the economic crisis.

___

Follow AP’s coverage of Latin America and the Caribbean at https://apnews.com/hub/latin-america

More:Markets

Recommend

Will the NBA Cup become a treasured tradition? League hopes so, but it’s too soon to tell

No one knows if the NBA Cup will be around in 30 years.Heck, no one knows what the world will look l

Travis Kelce Shows Off His Dance Moves Alongside Taylor Swift's Mom at Indianapolis Eras Tour Concert

Travis Kelce was feeling so high school at Taylor Swift's latest concert.The NFL tight end proved he

Longtime music director at Michigan church fired for same-sex marriage

TRAVERSE CITY, Mich. (AP) — The longtime music director at a northern Michigan church said he was fi