Argentina’s Javier Milei Sworn In As President, Reduces Ministries From 18 To Nine On First Day In Office

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Newly elected Argentina’s President Javier Milei has taken immediate action to streamlin the government few hours after his inauguration by cutting down federal ministries from 18 to 9.

This drastic measure is part of his commitment to curbing government spending and addressing the rampant inflation plaguing the South American nation.
Among the ministries retained are Defense, Foreign Affairs, and Economy; several others were downgraded or merged.

The presidential decree, signed shortly after Mr Milei’s inaugural address on Sunday, is set to be officially gazetted later today, signalling a swift implementation of his vision for a more efficient and cost-effective government structure.
Widely viewed as a political outsider in the traditional Argentine political landscape, Mr Milei is positioning himself as a transformative leader determined to redirect the country away from hyperinflation, which is nearing 200 per cent.

With over 40 per cent of the population living below the poverty line and the peso experiencing significant depreciation, his administration faces a daunting economic scenario.

Argentina’s negative net international reserves and looming payments of over $4 billion to the International Monetary Fund (IMF) and private-sector creditors by the end of January underscore the situation’s urgency.

The reduction in the size of the government reflects Mr Milei’s proactive approach, setting a precedent for the necessary measures he believes are crucial to overcoming decades of economic stagnation and decline.