Argentina: Administration to cut state expenses even further, says presidential spokesman

The presidential spokesman Manuel Adorni announced it, warning that corruption represents half a percentage point of the GDP. ‘We are going to put an end to all corruption,’ he said.

The President of Argentina, Javier Milei, has decided to eliminate ‘some trust funds representing half a percentage point of the GDP,’ announced presidential spokesperson Manuel Adorni on Friday. This reduction represents around $2 billion. ‘We appeal to the political sector to understand that transparency is above all,’ he stated at his press conference in Casa Rosada.

According to the spokesperson, these funds ‘lack transparency and represent half a percentage point of the GDP, around $2 billion.’ ‘We are going to put an end to these slush funds,’ Adorni asserted.

In televised statements made this week, the libertarian president revealed the strategy to legislate by decree following the failure of the omnibus law. Trust funds are revenues received by the provinces and serve as a sort of guaranteed budget for more than a year to ensure the financing and stability of a public program.

Budgets directly affect provincial governors and, according to data from the Ministry of Economy’s Secretariat of Finance, represent around 2% of the country’s Gross Domestic Product (GDP).